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 the Lin Lor Portfolio, a 71-unit portfolio comprising of four properties located in the Camelback Corridor and Biltmore Area in Phoenix. The asset commanded a sales price of $5,112,000.
Rich Butler and Brian Tranetzki, multifamily investment specialists in Marcus & Millichap’s Phoenix office had the exclusive listing and negotiated the transaction on behalf of the seller, a partnership out of the Chicago area as well as the buyer, a locally based private investment company.
“The Lin Lor Portfolio is a centrally located portfolio of 71 units within four separate apartment buildings with a highly desirable unit mix. The project’s location and spacious, well-designed floor plans appeal to the vast rental pool of young professionals living throughout the Camelback Corridor and Biltmore area. Its vintage and urban mid-century architecture provide the opportunity to update the properties to boutique modernized communities which are more in line with the submarket,” says Butler.
“The properties within the Lin Lor Portfolio enjoy the benefit of convenient access to all parts of the Valley via the Piestewa Freeway, bus lines, and the Metro Light Rail which serves downtown Phoenix through to Sky Harbor Airport, ASU and Mesa. The four properties are located in the prestigious Biltmore area and the picturesque Camelback Corridor, the city’s premier upscale shopping, dining and financial district. The area is surrounded by high profile businesses, luxury resorts and some of the most exclusive homes in the Valley,” adds Tranetzki.