Marcus & Millichap Negotiates the Sale of a Phoenix Six-Unit Multifamily Property

PHOENIX, AZ., March 11, 2024 – 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 Granada, a six-unit multifamily property located in Phoenix, Arizona. The asset sold for $1,350,000.

“Granada is a turn-key community located in Central Phoenix less than a mile from the intersection of three significant Phoenix Metro thoroughfares,” said Darrell Moffit, senior vice president investments in Marcus & Millichap’s Phoenix office. “Comprised of large two-bedroom units with upgraded interior finishes, new ownership will be able to focus on maximizing management efficiencies and raising rents as the market improves.” Moffitt, along with Paul Bay, senior vice president investments, and Adam Saylor, investment associate in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor.

Granada is located at 2912-2916 East Granada Road in Phoenix, Arizona. Built in 1963, each two-bedroom unit is single-story, has covered parking and is equipped with stainless steel appliances in addition to new cabinets, countertops and flooring.

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.