Marshall Manor Apartments | 626 North 5th Avenue, Phoenix, AZ 85003 | 40 Units | Built in 1961 | $2,700,000 | $67,500 Per Unit | $145.30 Per SFPRESS RELEASEFOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
ABI Brokers $2.7M Apartment Sale near Downtown Phoenix
Phoenix, AZ – June 6, 2017 – ABI Multifamily, the Western US's leading multifamily brokerage and advisory services firm, is pleased to announce the $2,700,000 / $67,500 Per Unit sale of the Marshall Manor Apartments located in Phoenix, Arizona. Marshall Manor is a two story, garden-style, mid-century apartment community which rests on approximately 0.65 acres. The property was built of block construction with flat roofing. The property is comprised of all (40) studio apartments with a weighted average size of 450 square feet.
"Marshall Manor is located just north of the City of Phoenix's RFP site off Fillmore and the rapidly expanding ASU campus in Downtown Phoenix," states Patrick Burch, Vice President, who along with John Klocek and Ryan Smith, Vice Presidents, were the lead brokers in representing the Buyer in this transaction. According to Ryan Smith, "The buyer saw tremendous value in the property being so close to Downtown Phoenix. The Buyer plans to rebrand and reposition the property, similar to the modern trend that can be seen along Roosevelt Row."
The Buyer, MDM Investments, is a private investment partnership based out of California.
The Seller is a private investor based in Arizona.
The multifamily brokerage team of John Klocek, Patrick Burch, Ryan Smith, Nathan Bruer and Royce Munroe represented the Buyer in this transaction.
ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Tucson and San Diego, the experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.