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 Oracle Canyon, a 36-unit apartment property located in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Tucson office, the asset sold for $4,050,000 ($112,500 per unit)

“Oracle Canyon presented an opportunity for additional scale for the buyer in the Arizona market mirroring a larger trend of investment capital leaving the Coastal market for secondary and tertiary markets such as Tucson,” stated James Crawley, investment specialist in Marcus & Millichap’s Tucson office.

“The seller had extensively renovated Oracle Canyon’s interior and exterior, most notably, a programmatic interior renovation scope achieving new watermark rents,” added Hamid Panahi, first vice president investments in the firm’s Tucson office. “With a lack of new supply and barriers to entry in infill locations such as Oracle Canyon’s, the buyer can continue to turn the unrenovated units for a corresponding premium and meet demand.”

Panahi and Crawley had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was also procured by Panahi and Crawley.

Oracle Canyon is located at 331 West Pastime Road in Tucson, Arizona. Delivered in 1984, Oracle Canyon was built by local developers Vasquez Construction of entirely two-bedroom/two-bathroom floor plans, featuring a pool and spa, gated entry, and on-site leasing office.

To learn more, see RED Comp #8263.

TUCSON, ARIZ. – NAI Horizon Senior Vice President Denise Nunez and Associate Victoria Filice represented the buyer in the $3.2 million investment sale of America’s Best Storage in Tucson, Arizona.

NAI Horizon represented the buyer, 535 Wilmot Investors LP of Phoenix. The seller was America’s Best Self Storage LLC of Tucson, AZ. The asset is located at 7475 E. Old Vail Road in Tucson.

“The buyer approached me with a 1031 Exchange that they wanted to trade into self-storage. The Nunez Self Storage Group was able to identify three self-storage properties that met their criteria,” Nunez said. “This one was an off-market deal and the second closing of a three-property purchase – all non-related sellers.”

America’s Best Storage totals 70,240 NRSF and 230 units. It features a mix of standard, drive-up units and covered and uncovered RV parking. It features small, medium and large self-storage units ranging from 25 SF to 720 SF. It is located off East Valencia and East Old Vail roads.

Nunez specializes in self-storage, offering localized expertise in Arizona and national representation working with NAI offices throughout the U.S.

To learn more, see RED Comp #8258.

Cushman & Wakefield | PICOR handled two multifamily Tucson transactions with an aggregate of $6.95 million.

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 $4.2 million ($56,000 per unit).

Built in 1972, Pueblo Springs was a value-add property when the seller bought it in 2017. The unit mix of the 75 units are (24) studios (450 SF), (49) one-bedroom units (600 SF),  and (2) two-bedroom units (750 SF).  Amenities include a community pool, covered parking, laundry facility, and gated community. Property was fully occupied at time of sale.

Located on North Alvernon Way just South of Fort Lowell in North Central Tucson on a major arterial road with interior courtyard privacy.  It is well located for shopping and employment opportunities. Nearby shopping includes a grocery-anchored center less than a mile south of the property and The Tucson Mall northwest of the property. The property is less than 5 miles from the University of Arizona, University Medical Center, Tucson Medical Center, The Tucson Auto Mall, and major retail employment along East Grant road.

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 project was purchased from West Seattle 37 Investors, LLC for $2.75 million($102,000 per bed / $393,000 per unit).

Allan Mendelsberg, Principal, and Conrad Martinez represented the seller in this transaction. Paul Hooker, Principal, represented the buyer.

To learn more, Mendelsberg should be reached at 520.546.2721, Martinez is at 520.546.2730 and Hooker can be contacted at 520.546.2704.