INVESTMENT: Marcus & Millichap Markets Arizona Property on Behalf of Receiver
- Oct 06, 2010
Peoria, Ariz. – Marcus & Millichap Real Estate Investment Services has retained the exclusive listing for Suntree Apartments, a 216-unit 175,152-square foot distressed asset in Peoria, Ariz., a major suburb of Phoenix. The property is being offered unpriced with attractive in-place financing.
Multifamily investment specialists Cliff David, Steve Gebing and Rich Butler, based in Marcus & Millichap’s Phoenix office, are representing the seller, a court-appointed receiver.
“Suntree offers a lineup of interior amenities and community advantages that are unparalleled for an asset of this vintage,” says Gebing. “Well-designed interior floor plans that amplify the available living space, combined with revenue-enhancement capabilities through existing washer/dryer connectivity, make for a highly desirable apartment home community.”
Located at 8650 West Peoria Avenue, east of Loop 101, the Aqua Fria Freeway, Suntree’s location provides excellent freeway access with connectivity to Interstate 10, Interstate 17, State Highway 60, State Highway 74, the future Loop 303 and access to nearly any Valley destination, including downtown Phoenix and Sky Harbor International Airport.
Suntree was developed by Tricom III in 1984 with wood-frame and stucco construction.
The unit mix features 72 one-bedroom/one-bath apartments at 696 square feet, 72 one-bedroom/one-bath apartments at 717 square feet and 72 two-bedroom/two-bath apartments at 977 square feet. Interior amenities include individual washer/dryer connections in each unit, garden kitchen windows, oversized walk-in closets, custom cabinets with pantries, individual exterior storage rooms, private patios/balcony decks, frost-free refrigerators, dishwashers and garbage disposals.
Community amenities include heated swimming pools and spa, poolside ramada with built-in barbecues, a lighted tennis court, horseshoe pit, shuffleboard, covered parking and a contemporary clubhouse.
Peoria is Arizona’s fourth-largest city in terms of incorporated area, covering 178 square miles and is home to approximately 158,000 residents.