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| Monterey Pines apartments, 8650 West Peoria Avenue, Peoria, AZ |
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| Cliff David |
PEORIA, AZ– Marcus & Millichap (NYSE: MMI), a leading
commercial real estate investment services firm with offices throughout the
United States and Canada, announced the sale of Monterey Pines, a
216-unit apartment home community in Peoria, a major suburb of Phoenix. The
$10.8 million sales price equates to $50,000 per unit.
Cliff
David, a Marcus & Millichap vice president investments, and Steve
Gebing, a senior director with Institutional Property Advisors, a Marcus
& Millichap company, both located in the Phoenix office, represented the
seller, Murano Properties. David and Gebing also advised the buyer, Mentor
Properties Inc.
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| Steve Gebing |
“The
interior amenities and community advantages offered by Monterey Pines are
unparalleled for an asset of its vintage,” says David. “The property’s physical
improvements include well-designed floor plans that amplify the available
living space and feature revenue enhancement capabilities through existing
washer/dryer connections.”
“Furthermore, Monterey Pines is located within a submarket that is
poised for smart growth through the city of Peoria’s 10-Year Capital
Improvement Plan for fiscal years 2013-2022,” continues David.
“The plan is a
$463 million investment in 166 different capital projects focused on
coordinating efforts with schools, utilities, developers, and other agencies
for the express purpose of creating sustainable community assets.”
Developed
by Hrebec Properties in 1984, the apartment complex is located on 10 acres at
8650 West Peoria Ave. in Peoria, Ariz. just south of the Bell Road retail
corridor, which is anchored by the Arrowhead Towne Center, a 1.2
million-square-foot super-regional mall.
Apartment
interiors at Monterey Pines feature garden kitchen windows, oversized walk-in
closets with double rods and shoe shelves, individual exterior storage rooms
and covered private patios/balcony decks.
Community amenities include two
swimming pools and a spa, a poolside ramada with built-in barbecues, a newly
integrated and lighted sport court, horseshoe pit, shuffleboard, playground and
picnic area, reserved covered parking, contemporary clubhouse and complimentary
Wi-Fi connectivity in the clubhouse and pool area.
Gina Relva
Public Relations Manager
(925) 953-1716
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