PHOENIX — Rincon Partners has completed the sale of Madison Grove, a multifamily community in Phoenix, to Brass Enterprises for $51.3 million, or $300,000 per unit. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
Constructed in 1976, Madison Grove features 171 apartments with contemporary kitchens, wood-style vinyl flooring, wall-mounted flatscreen TVs and dual-pane windows. Community amenities include a fitness center, pool, grilling stations and picnic seating, a fire pit, laundry care facility and a dog park.
The garden-style property was recently renovated to include a complete unit interior redesign and property systems overhauls. Ownership also added new roofs, upgraded leasing and clubhouse spaces and a new fitness center and swimming pool.