TUCSON, ARIZ. – 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 Casa Marin, a 72-unit apartment community along with Eucalyptus Gardens, a 48-unit apartment community located in Tucson, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix and Tucson offices.
The Casa Marin asset sold for $3,480,000. The Eucalyptus Gardens sold for $2,220,000.
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 sellers, both private investors. The buyer, a limited liability company, was secured and represented by Hamid Panahi and James K. Crawley. “Casa Marin presented the opportunity for the new ownership to capitalize on operational momentum through continued interior and exterior enhancements”, says Crawley.
Casa Marin is located at 438 East Prince Road in Tucson, AZ. Eucalyptus Gardens is located at 414 East Prince Road in Tucson, AZ. “Eucalyptus Gardens was part of a series of dispositions from a local owner operator as he consolidated his portfolio. The property presented an excellent opportunity to the buying entity to expand its footprint in the neighborhood by acquiring both Eucalyptus Gardens and Casa Main, resulting in efficiency and scale of operations with a strong value-add opportunity.” stated Panahi.