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Marcus & Millichap Announces the Sale of Oasis on Grand in Phoenix

May 16, 2024

PHOENIX, May 16, 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 Oasis on Grand, a 60-unit apartment property located in Phoenix, Arizona. The asset sold for $7,500,000.

“Oasis on Grand is located at the heart of Phoenix's energetic Roosevelt Row arts district, adjacent to the high-rise office complexes in Downtown Phoenix,” said Richard Butler, senior vice president investments in Marcus & Millichap’s Phoenix office. “This area is home to art galleries, restaurants, bars, and boutique shops in a landscape dotted by new high-density development. Oasis on Grand blends affordable financial appeal with a vibrant community atmosphere.” Butler had the exclusive listing to market the property on behalf of the seller, Oasis TC LLC. The buyer, 1501 Grand LLC, was procured by Stepp Commercial of Los Angeles, California.

Oasis on Grand is located at 1501 Grand Avenue in Phoenix, Arizona. This location is home to many new luxury apartment projects, such as Moon Tower, AVE Sky and Alta Warehouse District, bringing over 2,500 units and 1,000 student beds to Downtown Phoenix. The property is minutes from the light-rail and Interstates 10 and 17, allowing residents easy access to all parts of the Valley.


 

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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.

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