PHOENIX — Topp Corp. has purchased The Marlowe, a 53-unit apartment complex in Phoenix, for $8.4 million.
Built in 1968, the majority of the apartment interiors have been renovated with new cabinets, countertops, appliances, flooring and lighting. The average unit size is 552 square feet. The Marlowe offers new ownership an opportunity to implement a comprehensive value-add strategy by renovating the remaining 20 percent of apartment interiors and adding custom touches to enhance the community.
The community enjoys a central location near Tempe, Scottsdale and Phoenix Sky Harbor International Airport. It features a central garden courtyard, swimming pool, laundry facility and assigned parking.
Paul Bay and Darrell Moffitt of Marcus & Millichap, in conjunction with Cliff David and Steve Gebing of IPA, represented the seller, Living Well Homes, and procured the buyer.