TUCSON, AZ – Marcus & Millichap (NYSE: MMI), with offices throughout the United States and Canada, announced the sale of Fort Lowell Apartments, a 58-unit apartment property in Tucson, according to Ryan Sarbinoff, regional manager of the firm’s Tucson and Phoenix offices.
The Fort Lowell asset is sold for $3,035,000 ($52,328 per unit).
Hamid Panahi and James K. Crawley, investment specialists in Marcus & Millichap’s Tucson office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a California limited liability company, was secured and represented by Hamid Panahi and James K. Crawley.
Fort Lowell is located at 2230 E Fort Lowell Rd in Tucson, AZ.
“Fort Lowell marks a 58-unit addition to one of 2018’s most active buying entity’s Tucson Portfolio” said Crawley.
“Located near Fort Lowell Road and Campbell Avenue, Fort Lowell presents new ownership the opportunity to continue the interior renovation enhancements conducted by the Seller for corresponding rent premiums as the area continues to grow with students, young professionals, University of Arizona faculty, and medical personnel” said Panahi.
To learn more, see RED Comp #6398.