PHOENIX—A multifamily property in an industrial and distribution-rich area, Marble Creek, recently sold for $12.1 million or nearly $50,000 per unit. The buyer was Marble Creek LLC and the seller was Birchard Group LLC. The 244-unit complex is located at 5601 West McDowell Rd.
Marble Creek is in a location that is largely populated by industrial and distribution space of more than 89 million square feet of industrial and distribution inventory. The apartment community is situated on 9.72 acres and the north side of the property is passed by 28,206 vehicles per day. The Arizona Department of Transportation is expanding the Loop 202 network with a future connection point at Interstate 10 and 59th Avenue, which is approximately one and one-half miles southwest of Marble Creek. Upon completion, transport trucks carrying goods through the region will be able to bypass central Phoenix, making for quicker travel and lower distribution costs. This has the potential for increased demand for industrial and distribution space, along with more jobs and higher employee wages.
The community is comprised of one-bedroom/one-bath apartments, two-bedroom/one-bath units and two-bedroom/two-bath apartment homes complete with full-sized appliances, oversized closets and enclosed private patios or balconies with individual storage capabilities. Select units feature microwave ovens and dining room ceiling fans.
Community amenities include a clubhouse with kitchenette, a swimming pool, a fitness center equipped with cardio- and weight-training equipment, two saunas, a children's playground, soccer field and a designated barbecue area with covered gazebo. Five on-site laundry facilities, reserved covered parking, gated access, and complimentary Wi-Fi connectivity in the clubhouse and pool area round out the community's common area amenities.
Cliff David, a vice president investments with Marcus & Millichap, and Steve Gebing, a senior director with Institutional Property Advisors, a division of Marcus & Millichap, both in the firm's Phoenix office, handled the sale on behalf of the seller and procured the buyer.
David tells GlobeSt.com: “Marble Creek enjoys direct proximity to the southwest Valley connection point of the future South Mountain Freeway, a 22-mile freeway that will complete the Valley's Loop 202 network and cost an estimated $1.75 billion according to the Arizona Department of Transportation.”
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
