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 Catalina Vista, a 50-unit apartment property located in Tucson, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $2,980,000.
Hamid Panahi, and James K. Crawley, investment specialists in Marcus & Millichap’s Tucson office, had the exclusive listing to market the property on behalf of the seller, a private investor. “Catalina Vista is a cozy, boutique style multifamily asset that provides new ownership with the opportunity to enhance revenue through the implementation of apartment interior renovation program.”
His partner, associate James Crawley added, “Supported by excellent submarket fundamentals, the buyer will benefit from Catalina Vista’s strong operational momentum.”
The buyer, a tenants in common, was secured and represented by Sevak Keshishian and Shara Parseghian , investment specialists in Marcus & Millichap’s Encino office.
Catalina Vista is located at 8550 E Old Spanish Trail in Tucson, AZ.