Phoenix: Valley of the Value-Added Opportunities
- Jul 06, 2015
A 224-unit apartment community in Phoenix was recently sold for $9.64 million, according to an announcement made by Marcus & Millichap. The community is located at 11821 North 28th Drive and wears the moniker of Brentwood.
The seller, Brentwood-Phoenix LP, was represented in the transaction by Cliff David, Vice President of Investments, and Steve Gebing, Senior Director. The Marcus & Millichap duo also procured the buyer, Pacific Real Estate Partners Inc.
Brentwood features studio, one- and two-bedroom apartments. Community amenities include a swimming pool and a spa; barbecue stations and a playground; common laundry facilities; and a tennis and basketball court.
The deal was touted as an excellent value-added opportunity because of the community’s fortunate location. “Brentwood stands to benefit from its close proximity to the Metrocenter Mall, a retail center that is centric to a redevelopment program that includes a myriad of new commercial opportunities, including a potential healthcare component alongside retail, office, multi-residential, and senior living,” said Cliff David. “Furthermore, the repositioning of the mall, coupled with the 6.5 million square feet of office space and 3.5 million square feet of industrial space that encompasses the property will allow area residents to reclaim the lifestyle amenities that once made the region the prototypical live, work and play environment within the Valley.”
Image courtesy of Yardi Matrix