PHOENIX—Marcus & Millichap announces the sale of Tuscany Pointe Apartments, a 236-unit multifamily community in Phoenix, Ariz. The $10.1 million sales price equates to $42,797 per unit.
Cliff David, a Marcus & Millichap vice president investments, and Steve Gebing, a senior director with Institutional Property Advisors, a Marcus & Millichap company, both located in the firm’s Phoenix office, represented the seller, Howe Group LLC. David and Gebing also advised the buyer, The Lodge Complex Tulsa LLC.
“The buyer was attracted to the quality of the real estate,” David tells GlobeSt.com. “The ownership tenure was enticing, 10 years, the property was well-maintained. It is also extremely well positioned within its submarket—close to I-17 and the 101/Deer Valley interchange—the employee base in the area is very attractive. Ans as an owner/operator the buyer saw opportunities to do some enhancement to the property which was built in 1981.”
The property is located on 8.3 acres at 14830 N. Black Canyon Highway in Phoenix between the North Interstate 17/Deer Valley employment corridor, an area encompassing 17.5 million square feet of retail, office, industrial and flex space and the Metrocenter Mall, a 107-acre shopping center composed of approximately 1.7 million square feet of retail space. Collectively, the area currently features more than 51,000 employees.
Developed by Lincoln Property Co., each Tuscany Pointe apartment features a fully equipped kitchen with a large pantry space, an oversized bathroom vanity and pre-wiring for cable television. Walk-in closets, ceiling fans, built-in microwaves, balconies/patios and upgraded wood-style vinyl flooring are available in select units. Community amenities include two swimming pools, a fitness center with cardio- and weight-training equipment, a sport court, barbecue grilling stations, a shaded playground, two laundry facilities and lighted, covered parking.