Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Sora on Rose, a 92-unit multifamily asset in Phoenix, Arizona, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The property sold for $14.5 million, which equates to $157,609 per unit.
“Located in the highly coveted uptown Phoenix submarket within walking distance to some of the most desirable dining accommodations and directly between the Camelback and Innovation Corridors, Sora on Rose is perfectly situated to sustain competitive advantage in a region with significant barriers to future competition,” said Paul Bay, vice president investments, represented the seller. Darrell Moffitt, senior vice president investments, procured the buyer. “The value of the asset is enhanced by the prospect of property-wide value-add opportunities,” added Moffitt.
Built in 1971, Sora on Rose is located on 2.7 acres north of the intersection of 16th Street and Bethany Home Road. Residents can walk to some of the neighborhood’s most desirable dining destinations and easily access State Route 51. The average unit size is 815 square feet.