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| Mountain Park Apartments, Phoenix, AZ |
PHOENIX, AZ– Marcus & Millichap Real Estate Investment
Services Inc. has arranged the sale of Mountain Park, a 240-unit
multifamily community in suburban Phoenix. The asset commanded a price of
$30,850,000, or approximately $128,542 per unit.
Cliff David, a vice president investments and Steve
Gebing, also a vice president investments, both in Marcus & Millichap’s
Phoenix office, represented the seller, a publicly traded real estate investment
trust.
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| Steve Gebing |
Jim Kordell, a senior associate based in the firm’s
Ontario, Calif. office, represented the buyer, a California-based owner focused
on Class A value-add opportunities.
“The investor is acquiring an excellent renovation-ready
opportunity with outstanding upside potential,” says Gebing. “Barriers to entry
in this submarket are projected to remain elevated, helping to maximize this
high quality asset’s long-term profitability potential.”
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| Jim Kordell |
Located at 4221 East Ray Road, the property comprises
230,560 square feet, which equates to approximately $134 per square foot. The
1994-built asset is situated at the base of the prestigious, land-locked
Ahwatukee Foothills, named one of America’s Best Places to Live by Money
magazine.
Mountain Park includes 72 one-bedroom/one-bath units, 118
two-bedroom/two-bath units and 50 three-bedroom/two-bath units. Each unit
includes nine-foot ceilings, a well-equipped kitchen, full-size washer and
dryer, walk-in closets and linen closets, private patios or balconies with
additional outside storage, and wood-burning fireplaces in select units.
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| Clifford David |
Community amenities include two swimming pools, a spa, a
fitness center with cardio- and weight-training equipment, picnic areas with
barbecue grills and access to the Mountain Park Ranch HOA recreational
facilities.
Contact:
Public Relations
Contact: Public Relations
(925) 953-1716
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