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 Sunflower, a 144-unit apartment property located in Tucson, Ariz., according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $4,100,000.
Hamid Panahi, Cliff David and Steve Gebing, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, and also represented the buyer in this transaction.
Sunflower is located at 6502 East Golf Links Road in Tucson, AZ. “Based on Sunflower’s positioning within the competitive landscape of the submarket, the property offers the opportunity to create future value through strategic capital renovations and corresponding rent premiums” – say Panahi. “The timing of the disposition fulfills the seller’s investment goals and the acquisition allows a new investor group to enter the Tucson multifamily sector.”