TUCSON, ARIZ. – July 10, 2018 – 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 three apartment properties in Tucson, AZ: River View Villas, Santa Cruz Vista, and Westlake Village, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix and Tucson offices. The portfolio, totaling 236-units, sold for $8,600,000.
Hamid Panahi and James K. Crawley, investment specialists in Marcus & Millichap’s Tucson office, along with Peter R. Flis, an investment specialist in Marcus & Millichap’s Sacramento office, had the exclusive listing to market the property on behalf of the seller, a private investor.
“The West Tucson portfolio sale was successful due to collaborative efforts between Hamid, James and Peter which brought together relationships from Arizona and California to help our clients achieve their investment goals,” says Sarbinoff.
“The three assets are an excellent addition to the buyer’s portfolio in Tucson, as it results in immediate scale in the southwest Tucson submarket,” says Crawley.
“Extensive capital improvements were recently completed at the property, but the buyer has further opportunity to add value through both exterior and interior enhancements,” added Panahi.
About Marcus & Millichap (NYSE: MMI)
Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit www.MarcusMillichap.com.