Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Fireside Apartments, a 20-unit multifamily property in Phoenix, Arizona, for $4.75 million.
“The Biltmore area continues to attract investors because of its central location and proximity to many of Phoenix’s premier employment, retail and lifestyle destinations,” said Richard Butler, senior managing director investments. “Well-located apartment communities in established neighborhoods remain highly sought after, particularly when they offer opportunities for renovation and long-term value creation.”
Butler, investment specialist in Marcus & Millichap’s Phoenix office, represented the seller, Anna and Mike Brennen as well as the buyer, Aurora Palms LLC, c/o Imani Abdullah in the off-market transaction.
Fireside Apartments is located at 4202 N. 27th St. in Phoenix’s Biltmore neighborhood. Built in 1962, the 20-unit property sits on 1.47 acres and features vintage single-story, two-bedroom floor plans, including fireplaces and walk-out patios. As in his previous acquisitions, the buyer plans to renovate the community with upgraded interior and exterior finishes while enhancing the existing courtyard and pool areas to capitalize on the property’s location near Biltmore Fashion Park, the Arizona Biltmore Resort, the Camelback Corridor and downtown Phoenix.
