Torrey Pines Villas, a 70-unit apartment property at 5712 N. 67th Ave. in Glendale is under new ownership.
Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced Sept. 11 the sale of Torrey Pines Villa, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $8,300,000.
“Given the property’s central Glendale location off 67th Avenue in proximity to the Grand Avenue Expressway, residents of Torrey Pines Villas are conveniently positioned between the I-10 industrial employment corridor and downtown Phoenix,” Marcus & Millichap vice president investments Paul Bay stated in a news release. “Future ownership will have the opportunity to benefit from programmatic interior renovations and associated premiums which have been proven out at comparable properties nearby.”
Mr. Bay had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also procured by Mr. Bay.
Built in 1985 on 1.14 acres, the 70-unit community at Torrey Pines Villas has a total of 49,800 rentable square feet and is comprised of 44 one-bedroom, one-bathroom units and 26 two-bedroom, two-bathroom units.