Multifamily units sold in 1031 exchange
Property mix comprised mostly of studios, 1-bedrooms
By Inman News, Thursday, February 3, 2005.Marcus & Millichap arranged the sale of the Wyndham Park Apartments in Phoenix, Ariz.
The value of the transaction was $13 million.
Wyndham Park Apartments is a class B property located at 5104 E. Van Buren. The property was constructed in 1983 and includes 461 garden-style units with 181,460 rentable square feet. The unit mix includes 168 studios, 288 one-bedroom and five two-bedroom units, which range in size from 321 to 924 square feet. The property features a pool, laundry facilities, spa and secured entry.
A Philadelphia-based investment partnership sold the property to an Irvine, Calif.-based investment partnership in a 1031 exchange.
Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.
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