Multifamily Digs Sell in Distribution Hub

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.