Skip to main content

Press Releases

Marcus & Millichap Arranges the Sale of Melvin Street, a 40-Unit Apartment Building in Phoenix, Arizona

October 04, 2021

PHOENIX, October 4, 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 Melvin Street, a 40-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $6,000,000.

“Located in the Estrella submarket of West Phoenix, Melvin Street Apartments provide residents with immediate access to retail and close proximity to the Interstate-17 and Interstate-10 freeways,” said Darrell Moffitt, senior vice president investments in Marcus & Millichap’s Phoenix office. “Buyer, Andre Golnazarian, intends to execute on a programmatic renovation plan with favorable premiums he is proving out in the submarket.”

Moffitt and Paul Bay, first 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, another private investor, was procured by Moffitt and Bay.
Built in 1984, the apartment community consists of 40 two-bedroom/one-bath units. Melvin Street is located at 3101 West Melvin Street in Phoenix, Arizona.

 

#     #     #

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.

MM Texture Background