(NEWS RELEASE) Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Campbell Apartments and Fountain Springs Apartments which sold in two separate transactions. Campbell Apartments, a 24 unit building, commanded a sales price of $1,825,000 or $76,042 per unit. Fountain Springs Apartments, a 16 unit building, commanded a sales price of $1,400,000 or $87,500 per unit.
Brian Tranetzki and Rich Butler, multifamily investment specialists in Marcus & Millichap’s Phoenix office had the exclusive listings and negotiated the transactions on behalf of the sellers and buyers of both transactions.
“Campbell Apartments is located just east of 24th Street and one-half mile south of Camelback Road in the prestigious and picturesque Camelback Corridor home to the city’s premier upscale shopping and dining destinations in the Biltmore Fashion Park, Camelback Colonnade and The Shops at Town & Country,” says Tranetzki.” Campbell Apartments provides the buyer with significant upside potential through the repositioning of the asset and leveraging its vintage and urban mid-century architecture to appeal to the extensive rental pool of young professionals located throughout the Biltmore area.”
Campbell Apartments sits in the heart of the Financial District at 2417 East Campbell Avenue, Phoenix, Arizona.
“Fountain Springs Apartments is a 16-unit non-renovated building containing all two-bedroom one-bathroom floor plans and is situated just west of Central Avenue on Maryland Avenue in the prominent Uptown Phoenix Corridor. A few miles to the east of the subject property is the prestigious Biltmore neighborhood, home to upscale shopping, dining and the world famous Arizona Biltmore Resort. The area is surrounded by high profile businesses as well as some of the most exclusive homes in the Valley,” adds Butler.
Fountain Springs is located at 6501 North 3rd Avenue, Phoenix, Arizona.