TUCSON, AZ, June 17, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Townhouse East, a 42-unit apartment property located in Tucson, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Tucson office. The asset sold for $1,650,000.
James K. Crawley, Hamid Panahi, and Michael Hubl, investment specialists in Marcus & Millichap’s Tucson office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was secured and represented byJames K. Crawley, Hamid Panahi, and Michael Hubl.
Townhouse East is located at 3601 E 2nd St in Tucson, AZ. “The Seller had undergone interior repositioning efforts for the community leading to rent revenue gains and strong operational momentum.” says James K. Crawley, “The seller successfully completed a tax-deferred exchange into a property in Southern California.”
“The Buyer looks to build on the Seller’s efforts by overhauling programmatic interior and exterior enhancements due to its prominent location in the Miramonte Neighborhood.” added Hamid Panahi, First Vice President Investments.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap 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.