Phoenix apartments find buyer

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Marcus & Millichap facilitated the sale of the 286-unit Northern Landing apartments in Phoenix, Ariz. The value of the transaction was $13.7 million. Northern Landing, built in 1982, is located at 8135 N. 35th Ave. The garden-style complex is comprised of 174 one-bedroom/one-bath units and 112 two-bedroom/two-bath units. The property is situated on approximately 10 acres with a density of 28.9 units per acre. The buildings are constructed of wood frames, stucco exteriors and built-up roofs. The property features a pool and spa, as well as covered parking. At closing, the property was 94 percent occupied. New York-based Rebecca Realty sold the property to Phoenix-based Arizona Bascom Group. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage operating nationwide. *** What's your opinion? Send your Letter to the Editor to