Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced Sept. 9 the sale of Glenrosa 6, a six-unit apartment property located in Scottsdale, Arizona. The asset sold for $1.8 million.
“The seller owned the property for over 20 years but decided to take advantage of the high demand for multifamily product in Scottsdale and exchange into several properties closer to her current residence,” Sean Connolly, senior associate at Marcus & Millichap, said in the release.
The buyer, a private investor, was also procured by Connolly.
Glenrosa 6 is a value-add property located in the heart of south Scottsdale at 4247 N. 78th St. The new owner intends on renovating the units and raising rents to match the high demands for residences near Old Town Scottsdale.