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 Westwood, a 19-unit apartment property located in Tucson, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $1,320,000.
James K. Crawley and Hamid Panahi, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by James K. Crawley and Hamid Panahi. “Westwood presents a tremendous opportunity with immediate value-add potential in a prime Downtown location that seldom sees multifamily communities come available”, says Crawley. His partner, Panahi, adds, “The Buying Group plans to utilize Westwood’s proximity to both Downtown and the University of Arizona for a complete repositioning of the asset. Westwood adds to a growing portfolio of renovated communities for the group, establishing themselves as a premier choice for luxury apartment living for both students as well as the growing number of young, urban-centric professionals looking to live in a walkable live, work, and play environment”