Marcus & Millichap Arranges Sale of 91-Unit Apartment Building in Phoenix, Arizona
PHOENIX, July 6, 2021 – 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 Golden Key, a 91-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $13,500,000.
“Located in a diversified industrial corridor of West Phoenix and 1.5 miles immediately south of Grand Canyon University, Golden Key offers residents nearby access to a variety of desirable employment opportunities,” said Paul Bay, first vice president investments in Marcus & Millichap’s Phoenix office. “New ownership has the opportunity to carry out a programmatic interior renovation program to capitalize on noteworthy premiums they have already proven in the submarket.”
Bay and Darrell Moffitt, senior vice president investments in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a fund manager, was procured by Bay and Moffitt.
Bult in 1981, Golden Key is a 62,323-square-foot property located at 3675 West Osborn Road in Phoenix, Arizona. The community space as well as three of the 91 units have been renovated.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 8,954 transactions in 2020 with a value of approximately $43 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.