TUCSON, Arizona – 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 The Corner, an 8-unit apartment property located in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Tucson office, the asset sold for $1,100,000 ($137,500 per unit).
“The combination of recent interior renovations and optimal location at the ‘doorstep’ of the University drove investment interest in this asset,” noted James Crawley, an investment specialist for Marcus & Millichap.
Crawley and Hamid Panahi, first vice president investments in the firm’s Tucson office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
Built in 1963, The Corner consists of seven one-bedroom and one two-bedroom units that were recently remodeled to feature tongue-in-groove ceilings, stainless steel appliances, quartz countertops and high-end finishes and fixtures. The property is located at 1232-1240 East Drachman Street in Tucson, Arizona, near the northern gateway to the University of Arizona campus and on the same street as Banner University Medical Center and the University Honors College Village.