Marcus & Millichap Brokers the Sale of Brio 14, a 14-Unit Multifamily Property in Phoenix

PHOENIX, July 2, 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 Brio 14, a 14-unit apartment property located in Phoenix. The asset sold for $3,775,000.

“Primely located in a desirable central Phoenix infill location accented by the nearby Arcadia, Camelback East Village and Biltmore neighborhoods, and limited exposure to new competing supply, Brio 14 is a rare boutique new-construction apartment-style community,” said Paul Bay, senior vice president investments in Marcus & Millichap’s Phoenix office. “Incoming ownership will benefit from consistent rental demand and growth due to the properties positioning as a lower-cost alternative to Class A options in this highly sought after region.” Bay, along with Adam Saylor, associate, and Darrell Moffitt, senior vice president investments in the firm’s Phoenix office, exclusively represented both the buyer and seller.

Brio 14 is located at 2950 North 29th Place in Phoenix. Built in 2022, the asset is comprised of six 1-bedroom/1-bath and eight 2-bedroom/2-bath units, averaging 667 square feet.

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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, 2024, the company had 1,712 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.