PHOENIX, Aug. 13, 2013 – Marcus & Millichap Real Estate Investment Services, has arranged the sale of The Retreat, a 480-unit apartment community in Phoenix. The terms of the sale were not disclosed.
Steve Gebing, a vice president investments and Cliff David, also a vice president investments, both in Marcus & Millichap’s Phoenix office, represented the seller, a publicly traded real estate investment trust. The buyer, based in Salt Lake City, is Bridge Investment Group Partners, manager of the ROC Fund.
“Ideally located in the thriving commercial center of the North Interstate 17/Deer Valley employment corridor, The Retreat’s location combines the convenience of a world-class job economy with unparalleled access to premier retail, dining and entertainment venues that create an enviable quality of life,” says Gebing. “The property also presents the new owner with a perfect opportunity for value enhancement through an apartment interior renovation program.”
Built in 1997 on 25.7 acres, each apartment home at The Retreat features nine-foot ceilings, a fully equipped gourmet kitchen, full-sized washer and dryer, abundant storage space with large walk-in closets and linen closets, ceiling fans, and a private patio or balcony with additional outside storage. Wood-burning fireplaces are available in select apartment homes.
Community amenities include a stand-alone leasing office and clubhouse with kitchenette and fireplace, a state-of-the-art fitness center with cardio and weight training equipment, a fully appointed business center, three resort-style swimming pools and spas, serene outdoor spaces featuring picnic areas and barbecue grills, controlled access gated entry and 100 detached garages with automatic door openers.
“The North Interstate 17/Deer Valley employment corridor encompasses 17.5 million square feet of retail, office, industrial and flex space,” adds David. “More than 51,000 people make their living in this area of Phoenix.”