TUCSON – 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 Ambassador and Tropicana, a 23-unit and 14-unit property portfolio located in Tucson, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix and Tucson offices. The assets sold for $2,574,000.
“Ambassador is a 23-unit community adjacent to the University of Arizona and presents a tremendous opportunity for BRAD Management to implement the same successful repositioning of assets they have instituted in California, Oregon, and Washington. The property consists of 23 bungalow-style homes offering individual backyards and garages for residents. BRAD Management plans to completely transform the asset into high-end student living,” stated James Crawley.
Crawley, along with Hamid Panahi, both investment specialists in Marcus & Millichap’s Tucson office, had the exclusive listing to market the property on behalf of the seller, a private investor.
“The Seller had owned both Ambassador and Tropicana since the mid-1980’s, and had successfully owned and operated several multifamily communities around the University for decades,” added Crawley.
The buyer, a private investor, was also secured and represented by Crawley and Panahi.
Ambassador and Tropicana at 1315 East Drachman St and 3815-3817 East Third Street, respectively, in Tucson, AZ.