Arizona

PHOENIX — Marcus & Millichap has brokered the sale of Ocotillo Estates, a 47-unit apartment property located in Phoenix. A limited liability company acquired the property from a private investor for $5 million. Located at 6702 N. 17th Ave., Ocotillo Estates features two studios, 17 one-bedroom/one-bathroom units and 28 two-bedroom/two-bathroom units. Developed in 1979, the property has undergone light renovations with community amenities including ample covered parking, 24-hour controlled access security gate and an on-site management office. Additionally, the property features individual metering for electricity. Paul Bay of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the deal.

PHOENIX — TruAmerica Multifamily has purchased Covington Park, a garden-style apartment community located in Phoenix’s Northwest Corridor. An undisclosed seller sold the asset for $77.3 million. Built in 1999, Covington Park features 520 units in a mix of one-, two- and three-bedroom layouts with nine-foot ceilings, private balconies or patios, walk-in closets and washers/dryers. Community amenities include a three-acre community park, lighted basketball and volleyball courts, three swimming pools, a playground, newly renovated fitness center, dog park, resident clubhouse and package receiving lockers. Additionally, the property includes 105 detached garages. TruAmerica will implement a multi-million-dollar capital improvement program at the property that will include the renovation of all unit interiors and targeted exterior and amenity space upgrades. The buyer leveraged 10-year floating-rate financing through Freddie Mac’s Multifamily Green Advantage platform for the acquisition. Brian Eisendrath of CBRE Capital Markets arranged the financing. Tyler Anderson, Asher Gunter, Sean Cunningham and Matt Pesch of CBRE’s Arizona office represented the seller in the deal.

PHOENIX — Marcus & Millichap has facilitated the sale of Avenue 15, an apartment community located at 1609 W. Glendale Ave. in North Central Phoenix. A private investor sold the property to an undisclosed buyer for $14.7 million. Built in 1972, the 148-unit property underwent a reassembly campaign in 2017 and a condominium conversion approximately 12 years ago. Avenue 15 features 28 two-bedroom/one-bath apartments, 66 two-bedroom/two-bath units and 54 three-bedroom/two-bath apartments. Pete Te Kampe of Marcus & Millichap’s Phoenix office represented the seller, while Karl Abert of Kidder Mathews represented the buyer in the transaction.