Cabana on Seventh Finds Seventh Owner
- Aug 13, 2015
An apartment complex located in the Valley has found new ownership under the tutelage of Marcus & Millichap. The commercial real estate investment services firm recently announced that the Cabana on Seventh has traded for $5 million.
The multifamily community was developed in 1972 at 5616 N. 7th St. in Phoenix. According to Yardi Matrix property records, the community changed ownership seven times over the past 26 years, the latest owner being Baron Properties.
Senior Director of Institutional Property Advisors Steve Gebing, Vice President of Investments Cliff David and Associate Trevor Hardy, both with Marcus & Millichap, acted on behalf of the seller, Deco Communities.
“New, trendy restaurants and hip eateries are flocking to this gentrifying area,” Gebing said in a prepared statement. “Home values in neighborhoods surrounding the property are climbing faster than in almost all other parts of the Valley, widening the affordability gap between the cost of single-family housing and rental housing, making Cabana on Seventh a prime candidate for a deep exterior and interior renovation program.”
Image via Yardi Matrix