Wyndham Place Sells for $11M

Following a 10-year hold, a California investment group sold the 155-unit Wyndham Place apartments in Phoenix. Seller Wyndham Partners LLC disposed of the 37-year-old asset for $10.6 million. Rich Butler and Brian Tranetzki with Marcus & Millichap negotiated the transaction between the seller and the buyer, a local real estate investment company.

Located at 5008 E. Thomas Rd., Wyndham Place delivered in 1979. The new owner plans to reposition the asset with interior and exterior capital improvements. The apartment has studios, and one- and two-bedroom floor plans, measuring from 413 square feet-819 square feet. Monthly rents are from $550-$1,050.

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