Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Casa Loma, Vista Village and Highland Woods, three apartment properties located in Sierra Vista and Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Tucson and Phoenix offices, the assets sold for $10,850,000, $9,900,000 and $9,950,000 respectively.
“The multifamily sector has long held strong against uncertainty and economic swings, and the Covid-19 pandemic has proven to be no exception. Through the midst of a global pandemic, rent collections and occupancy rates have remained high in Sierra Vista and Tucson, boosting investor confidence,” said Hamid Panahi, investment specialist in Marcus & Millichap’s Tucson office. Panahi had the exclusive listing to market the properties on behalf of the seller, a limited liability company.
Casa Loma is located at 6639 East Broadway Boulevard in Tucson. Vista Village is located at 1125 North 7th Street in Sierra Vista. Highland Woods is located at 555 North 7th Street, Sierra Vista.