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Marcus & Millichap Arranges the Sale of Clubhouse at Arcadia, a 43-Unit Apartment Community in Phoenix

April 15, 2022

PHOENIX, April 15, 2022 – 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 Clubhouse at Arcadia, a 43-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $14,200,000.

“Located in the coveted Arcadia Lite submarket on over 2.50 acres of land, Clubhouse at Arcadia is well-positioned for continued rent growth and is a prime candidate for a luxury plus community and interior renovation,” said Paul Bay, first vice president investments in Marcus & Millichap’s Phoenix office. “It’s rare, low-density arrangement positively differentiates the community in a residential area with high demand and extreme barriers to future supply.” Bay had the exclusive listing to market the property on behalf of the seller, tenants in common. The buyer, a private investor, was procured by Bay.

Clubhouse at Arcadia is located at 2620 North 40th Street in Phoenix, Arizona.

 

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About Marcus & Millichap (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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.

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