Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Marlowe, a 53-unit apartment asset in Phoenix, Arizona. The property traded for $8.44 million, which equates to $159,245 per unit.
“Built in 1968, The Marlowe provides new ownership with an opportunity to complete a full-scale value-add strategy by renovating the remaining 20 percent of apartment interiors and deploying custom touches to an already charming community setting,” said Paul Bay, Marcus & Millichap senior vice president investments. “The property’s location in a landlocked, high-barrier-to-entry submarket with coveted single-family homes provides competitive housing dynamics for years to come.” Bay and Marcus & Millichap senior vice president investments Darrell Moffitt, in conjunction with Cliff David and Steve Gebing, IPA executive managing directors, represented the seller, Living Well Homes and procured the buyer, Topp Corp. (USA).
Located within proximity of Tempe, Scottsdale and Phoenix Sky Harbor International Airport, The Marlowe enjoys a centralized location that is easily accessible from the Loop 202/Red Mountain Freeway and the main campus of Arizona State University. Downtown Scottsdale, North Tempe, and the Camelback employment corridors are all within a short commute.
The Marlowe has a central garden courtyard, swimming pool, laundry facility and assigned parking. Unit interiors feature large windows with the addition of new cabinets, countertops, appliances, flooring, and recessed lighting in approximately 80 percent of the apartment homes. The average unit size is 552 square feet.