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 Desert Palms, a 68-unit apartment property located in Tucson, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $3,100,000.
Hamid Panahi, James K. Crawley, 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, a limited liability company. “Based on Desert Palm’s positioning within the competitive landscape of the submarket, the subject property offers the opportunity to create future value through strategic interior and exterior renovations,” said Crawley.
The buyer, a private investor, was secured and represented by Sean Kameli and Sevak Keshishian , investment specialists in Marcus & Millichap’s Encino office. “The buyer benefits from acquiring a property that is experience strong operational momentum through high occupancy and strong rental growth over the past 12 months,” said Panahi.
Desert Palms is located at 3125 N Alvernon Way in Tucson, AZ.