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 Water Street Houses, a 9-unit apartment property located in Tucson, Arizona, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $3,300,000.
Hamid Panahi and James K. Crawley, 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 private investor, was also procured by Hamid and James.
“The Water Street Houses are the newest development from a long-time, local developer/operator of upscale student housing projects around the University of Arizona,” says Hamid. “These newly constructed luxurious five-bedroom homes are a premiere option offering spacious and optimally furnished homes within a close proximity to the University.”
“The asset presented a great opportunity for new ownership who will benefit from full occupancy until fall 2018,” adds James. “In addition, significant rent growth is anticipated due to restauranteurs entrepreneur Sam Fox’s newest “The Yard/Culinary Dropout” concept, which is opening directly adjacent to the Water Street Houses.”
Water Street Houses is located at 2550 E Water St in Tucson, AZ.