TUCSON, Ariz. – 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 Amphi Gardens, a 24-unit apartment property located in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Tucson and Phoenix offices, the asset sold for $1,725,000 ($71,875 per unit).
James K. Crawley and Hamid Panahi, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the sellers, two family trusts. “The sellers had enjoyed an unprecedented 55 years of continuous ownership of Amphi Gardens,” Crawley stated. “Offering a mix of large two- and three-bedroom units in the Hedrick Acres neighborhood, the single-story community has been meticulously maintained for five decades.”
“The property presented an opportunity to both increase rents and reposition the classic condition interiors to match what other communities are experiencing within the neighborhood. Due to its proximity north of the University and the Campbell Avenue Retail Corridor, Hedrick Acres has seen an influx of capital investment with corresponding rent premiums,” Crawley explained.
Amphi Gardens is located at 2853-2939 North Euclid Avenue in Tucson, Arizona. The 24-unit community, situated on 1.75 acres consists of 12 two-bedroom/one-bathroom units and 12 three-bedroom/two-bathroom units averaging 1,050 square feet. The community was developed in 1964 with burnt adobe brick construction. Apartment interiors feature well equipped-kitchens, an electric range, and washer/dryer hook-ups. Community amenities include a sparkling pool, individual car ports, and large grass courtyards.
The buyer, Taylor Street Investments, L.L.C. was represented by Joseph Chaplik of Joseph Bernard Investment Real Estate.