Marcus & Millichap, a commercial real estate investment services firm with offices throughout the U.S. and Canada, announced the sale of Youngtown House Apartments, a 64-unit apartment complex located in Youngtown. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset commanded a sales price of $4,100,000 or $64,063 per unit.
Rich Butler, a senior vice president of investments in Marcus & Millichap’s Phoenix office as well as Sean Connolly, a multi-family specialist, negotiated the sale on behalf of both the seller and the buyer.
“Built in 1970, Youngtown House Apartments became the only multi-family alternative to the single family, retirement homes located in Youngtown and Sun City, immediately to the east,” Mr. Butler stated. “Constructed of block and concrete, Youngtown House is comprised of studio and one-bedroom units. Interestingly, this investment opportunity was exactly what this 1031 exchange buyer was looking for as his 45-day nomination period was expiring. Having purchased the property in 2017, we knew that this local owner might consider selling for a significant profit so we presented this high probability, quick closing offer. Both clients were repeat customers and we worked diligently to ensure a smooth transaction with all parties including the lender, the escrow company, the appraiser and the exchange company. Because of this attention to detail, both principals felt that their interests were accommodated and entrusted fiduciarily.”
The property is located at 11141 W. Arizona Ave.
“Youngtown was Arizona’s first master planned community developed exclusively for retirees in 1954,” Mr. Connolly stated. “In 1998 the age restriction was lifted and growth within the younger age brackets soon followed. Within a half mile of the property is Fry’s Food and Drug as well as Taco Bell, Subway, Starbucks, and Quick Trip. Within a mile is the Banner Boswell Medical Center with its 377 beds and 540 affiliated doctors. With the completion of the nearby Loop 101 (Agua Fria Freeway) in 2001, rapid expansion followed in the surrounding communities such as Surprise, Peoria, Sun City West, yet Youngtown still maintains its small–town feel, making it an attractive and affordable living option.”