TUCSON, Ariz. – 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 Palomino Mobile Home Park and Open Sky Mobile Home Park, both located in Tucson, Arizona.

According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the assets sold for $1.3 million and $1.1 million, respectively, and an aggregate of $2.4 million.

“After owning these parks for 20 years, the seller accepted our buyer’s offer to sell his final two parks in his portfolio,” said Michael Escobedo, an investment specialist in Marcus & Millichap’s Phoenix office. The seller plans to move out of the country with the proceeds to enjoy retirement.

“The buyer, a limited liability company, has a major Tucson-based operation so his management team will oversee the new park,” explained Escobedo, who procured the buyer in this transaction. The buyer recently purchased the neighboring park where he is rebuilding from the ground up and plans to do the same with these two newly acquired parks. “He plans to remove all the old homes, bring in all new inventory and spruce up the existing amenities. The rents will remain competitive and new affordable housing will be created,” Escobedo added.

Palomino MHP is located at 3535 East Alvord Road and Open Sky MHP is located at 3626 East Drexel Road in Tucson, Arizona. Palomino MHP, built in 1962, has 61 spaces (sold at $21,311 per pad) and was 51% occupied at the time of sale. Open Sky MHP, built in 1972, has 43 spaces (sold at $25,581 per pad) and was 75% occupied at the time of sale.

Fore more information, contact Escobedo at 602.687.6680.

To learn more, see RED Comp #8223.

TUCSON, ARIZONA — Pueblo Springs Holdings, LLC purchased Pueblo Springs Apartments, a 41,850-square-foot multifamily property located at 3003 N. Alvernon Way in Tucson.  The 75-unit apartment complex was purchased from Pueblo Springs by Bakerson, LLC for $4,200,000 as a value-add property.  Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented the seller in this transaction.  Anna Sepic with Levrose Commercial Real Estate, represented the buyer.

Portledge Partners, LLC purchased The Grove, a 14,278-square-foot apartment complex located at 2102 and 2110 N. First Ave. in Tucson.   The 7-unit, 27-bed student housing property was purchased from West Seattle 37 Investors, LLC for $2,750,000.  Cushman & Wakefield | PICOR handled this transaction.  Allan Mendelsberg, Principal, and Conrad Martinez represented the seller in this transaction. Paul Hooker, Principal, represented the buyer.

BRInc Financial, LLC purchased Santa Rosa Apartments, a 9,152 square-foot multifamily property located at 1623-1641 N. Santa Rosa Ave. in Tucson.  The 8-unit apartment complex was purchased from 1623-1641 N Santa Rosa Avenue Trust for $610,000.  Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction.

Tucson QOF, LLC purchased Flores Apartments, a 9,255-square-foot multifamily property located at 225 and 255 W. Flores St. in Tucson.  The 19-unit apartment complex was purchased from JZR Investment Group, LLC for $590,000.  Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction.

ECM Real Estate Investments, LLC purchased  , a 4,500-square-foot multifamily property located at 2511 and 2515 N. Geronimo Ave. in Tucson.  The 6-unit complex was purchased from 2511 Geronimo, LLC and 2515 Geronimo, LLC for $340,000.  Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction.

For more information, Mendelsberg and Martinez should be reached at 520.748.7100.

To learn more, see RED Comps #8201, #8202 #8210, #8187, and #8221.

TUCSON, ARIZONA — The Red Roof Inn at 3704 E Irvington Road at the Tucson Airport  was purchased by a California investor for $4 million, or $34,000 per room.

The seller, a Joint Venture between a Singapore investor and Westmont Hospitality Group purchased the property in a portfolio at an auction sale that contained 89 hotels with 10,715 rooms in 2015. There were two Tucson Red Roof Inns that sold in the $600 million transaction, the 118-room hotel at 3704 East Irvington Road (near Tucson International Airport) was purchased in Tucson for $2.89 million ($24,450 per room) and the 133-room hotel at 4940 West Ina Road in North Tucson was bought for $2.95 million ($22,208 per room) according to public records.

Since the acquisition, Westmont has been selling off the properties one at a time.

The rooms at this 100% Smoke Free inn feature comfy Rest Suite beds by Serta, high-end bedding, and a large, flat-screen TV. Elevators are also available for your convenience. Wake up and experience our complimentary coffeehouse-style coffee and tea in the lobby. Whether traveling for business, with friends or family, the hotel keeps the traveler just minutes away from some of the best experiences in the city.

To learn more, see RED Comp #8243.