Oak Ridge complex sells in Phoenix

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Marcus & Millichap arranged the sale of Oak Ridge, a 282-unit apartment community in Phoenix. The value of the transaction was $15.4 million. Built in 1984, Oak Ridge is located at 3330 W. Greenway Road. The property is situated on 9.2 landscaped acres and offers 191,350 rentable square feet. The apartment community consists of 30 studios, 172 one-bedroom units and 80 two-bedroom units. Floor plans range in size from 405 square feet to 900 square feet. The gated community includes two swimming pools, a spa, clubhouse, covered parking, barbecue areas, two laundry facilities, and enclosed private balconies and patios. The identities of the buyer and seller were not disclosed. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....