Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced on June 10 the sale of Las Palmas, a 16-unit apartment property located in Tempe.

The asset sold for $3,880,000.

“Located in a rapidly transforming north Tempe location, Las Palmas is poised for sustained desirability, rent growth and neighborhood improvement,” Paul Bay, first vice president investments in Marcus & Millichap’s Phoenix office, said in a statement. “New ownership will have the opportunity to upgrade all units with a luxury plus renovation to capitalize on favorable premiums already proven out in the submarket.” 

Bay and Jason Tuvia, senior vice president in the firm’s Encino office, had the exclusive listing to market the property on behalf of the seller, a private investor. Tyler Waller, director with Marcus & Millichap Capital Corporation, was instrumental in securing financing. 

“The buyer, an investor out of California, was having issues with financing her acquisition,” stated Waller. “We were able to provide permanent financing and negotiated the interest down to a 3.40% fixed-rate for five years on a 30-year amortization schedule, which is optimal for cashflow.” 

Las Palmas is located at 1010-1012 South Smith Road in Tempe.