Branch Realty scoops up Arizona apartments

Marcus & Millichap arranged the sale of two apartment properties totaling 622 units in Arizona.

The total value of the transactions was $21.6 million.

The 336-unit Country Creek Apartments, located at 7111 N. 75th Ave. in Glendale, sold for approximately $11 million. The garden-style property was constructed in 1984 and encompasses 212,440 rentable square feet on 14 acres. Occupancy was 84 percent at the time of sale.

The Northern Landing Apartments, which consists of 286 garden-style units located at 8135 N. 35th Ave. in Phoenix, commanded a sales price of $10.6 million. The property was constructed in 1982 and includes 206,750 rentable square feet on approximately 10 acres. Occupancy was 85 percent at the time of sale.

Peter Katz, an investment specialist in the firm's Phoenix office, brokered the sale on behalf of the seller, an Overland Park, Kan.-based investment partnership.

Katz secured and represented the buyer, Brooklyn, N.Y.-based Branch Realty, which was completing a 1031 exchange.

Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.