Marcus and Millichap Arranges $15M Apartment Portfolio Sale in Phoenix

by Madison Pettway

PHOENIX — Marcus & Millichap has arranged the sale of a three-property multifamily portfolio in Phoenix on behalf of two private sellers for $15 million. Wilshire Place is a 48-unit apartment community, Canyon Greens is a 44-unit apartment community and Maryland Palms is a 22-unit community. The 114-unit portfolio is located 2.5 miles north of Grand Canyon University, a private, for-profit Christian university that has plans for $500 million in additional capital investment by 2024, according to Marcus & Millichap. The buyer, Andre Golnazarian, has completed the renovation of several properties in this submarket and intends to execute a similar plan with the most recent acquisitions. Golnazarian intends to brand all three properties together.


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