Marcus & Millichap, a commercial real estate investment services firm with offices throughout the U.S. and Canada, has announced the sale of Royal Palms, a 12–unit apartment complex located in Scottsdale.
Regional Manager of the firm’s Phoenix office Ryan Sarbinoff says the asset commanded a sales price of $1.86 million or $155,000 per unit.
Rich Butler, a senior vice president investments in Marcus & Millichap’s Phoenix office, and Sean Connolly, a multi-family specialist, negotiated the sale on behalf of the buyer, who recently purchased two other assets on the same street through Marcus & Millichap.
This new owner plans an extensive repositioning campaign with this portfolio, according to a press release.
“Built in 1956, Royal Palms is comprised of 12 individually-metered one and two-bedroom units that have been maintained with various levels of renovations and improvements over the past years,” Mr. Butler said in a prepared statement.
“This includes new electric panels, exterior LED security lighting, gas ranges, new landscaping and new common area washers and dryers. All eight of the one-bedroom units have a City of Scottsdale LURA rental restriction which expires in 2025.”
The property is at 4525 N. 74th St. in Scottsdale.
“Royal Palms is near multiple popular areas including the Scottsdale Entertainment District and Waterfront, Scottsdale Fashion Square and two spring training baseball complexes,” Mr. Connolly said in a prepared statement.
“This offers residents many amenities to enjoy such as restaurants, bars, breweries, shopping options and entertainment. Additionally, Royal Palms is also only a short drive to Phoenix Sky Harbor International Airport, Phoenix Zoo and Botanical Gardens, Camelback Mountain and downtown Tempe.”