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 Blacklidge Flats, a 34-unit apartment property located in Tucson, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $1,980,000.
“The Bakerson Group has replicated their long success in repositioning assets in Phoenix in the Tucson MSA,” said James Crawley of Marcus & Millichap’s Phoenix office, who, along with Cliff David, Steve Gebing, and Hamid Panahi exclusively listed the property on behalf of the seller. “Blacklidge Flats has seen a tremendous overhaul of capital improvements since acquisition as Bakerson continues to be one of the most active groups in Tucson,” added Crawley.
The buyer, a limited liability company, was also secured and represented by Panahi, Crawley, Gebing, and David. “ The buying group, RIVI Family Trust, will look to build upon the interior and exterior rehabilitation programs the seller had implemented,” said Panahi. “Blacklidge Flats’ unique attributes of a low-density, single-story community with individual backyards provides home-like apartments ensuring its competitive advantage within its submarket.”
Blacklidge Flats is located at 3002 North Mountain Avenue in Tucson, AZ.