APACHE JUNCTION, AZ, September 1, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Apache Junction Self-Storage Portfolio, a 608-unit self-storage portfolio of two properties located in Apache Junction, Arizona, according to Ari Ravi, regional manager of the firm’s Tampa office.
Michael A. Mele and Luke Elliott, investment specialists in Marcus & Millichap’s Tampa office, Devin Beasley of Marcus & Millichap’s Phoenix office and Daniel Kuchugurny of Marcus & Millichap’s Sacramento office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, also a private investor, was secured and represented by Edward J. Nelson and Daniel Kuchugurny, investments specialists in Marcus & Millichap’s Sacramento office. Brian Tranetzki, Broker, assisted in closing this transaction.
“The purchase of the portfolio provides the buyer with an incredible opportunity to convert various units to climate-controlled spaces in order to take advantage of a shortage in the market,” says Beasley.
Apache Junction Self-Storage Portfolio is a two-property portfolio in Apache Junction, Arizona. Located in the Greater Phoenix Metropolitan Statistical Area, the two properties are strategically situated within one-mile of each other. They were built in 1997 and are comprised of non-climate controlled units, office spaces for commercial tenants and boat/RV parking.
“This transaction highlights our platform and ability to move capital from cross country. Close relationships and aggressive marketing brought an out-of-state owner and an out-of-state buyer together for a win-win,” says Elliott.
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