Thursday, December 13, 2012

240 Multifamily Units in Phoenix, AZ Trade for $30.85 Million



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.

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.”

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.

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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