YUMA, AZ, October 29, 2018 – 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 Village Apartments, a 152-unit apartment property located in Yuma, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $9,650,000 or $63,486 per unit.
Michael Hubl, Senior Vice President Investments in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor whom had owned the property for the past fifteen years. The buyer, Corey Peterson, managing member for Kahuna Investments LLC, is from Chandler, Arizona and was also procured by Hubl. Catalina Village Apartments is located at 225 West Catalina Drive in Yuma, Arizona.
“We are very excited about this most recent addition to our portfolio, and our first acquisition in Arizona. Our immediate plans include renovations to modernize units and to re-position the property within the Yuma marketplace, which includes rebranding and renaming the property as ‘The Palms Yuma,” said Corey Petersonwith Kahuna Investments.
“Completed in 1986, this well-designed apartment complex is centrally located within the city and strategically positioned behind Yuma’s Big Curve Shopping Center at 32nd Street and 4th Avenue, which benefits from a traffic count of over 33,000 vehicles daily. The complex is of frame-stucco construction and sits on 5.2 acres. Many of the units surround an expansive courtyard complete with swimming pool, cabana and multiple lounging and sitting areas. The property is comprised of spacious one and two bedroom units. Exterior amenities include two laundry facilities and covered parking. Yuma is located equal-distance between Phoenix and San Diego and continues to be one of Arizona’s most highly sought-after tertiary markets for investors seeking value-add opportunities and competitive capitalization rates. This transaction marked the 26th multi-family transaction in Yuma County by The Hubl Group of Marcus & Millichap,” said Hubl.
About Marcus & Millichap (NYSE: MMI): With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.marcusmillichap.com