PHOENIX, ARIZ. – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Verde Vista, a 181-unit apartment complex located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset commanded a sales price of $10,600,000 or $58,564 per unit.
Rich Butler, a senior vice president in Marcus & Millichap’s Phoenix office, as well as Reza Ghaffari, a senior managing director in Marcus & Millichap’s Ontario, California office, negotiated the sale on behalf of the seller, an out-of-state limited liability company. The buyer was an out-of-state 1031 exchange investor.
“Built in 1978 and renovated in 2012, Verde Vista is comprised of studio, one, and two–bedroom units with numerous amenities including two large pool areas, children’s playground, covered parking, and recently renovated exteriors and landscaping. The convenient location of Verde Vista makes it a popular property that is consistently 100% occupied,” said Butler.
The property is located at 3030 North 35th Avenue in Phoenix, Arizona. “Verde Vista is located in close proximity to Highway 60, and Interstate 10 and 17, which provide access to all parts of the valley and local employers in the surrounding areas. Residents are also less than three miles from Grand Canyon University, Rio Salado College, and Phoenix College, along with some of Phoenix’s most prestigious high schools. Major retailers in the area include Costco, Walmart, CVS, and Fry’s Electronics, along with a variety of restaurants to enjoy. In addition, attractions such as the Phoenix Zoo, Chase Field, Talking Stick Resort Arena, and Maryvale Baseball Park, home of the Milwaukee Brewers spring training are all within a short drive,” added Butler.
The seller had originally bought the property in October 2016 for $6,600,000 where he was also represented by Ghaffari.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.