TUCSON, Arizona – 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 Arbor Villas, a 114-unit apartment property located in Tucson, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix and Tucson offices. The asset sold for $6.5 million
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 limited liability company, was secured and represented by Hamid Panahi and James K. Crawley.
“Arbor Villas offers an exceptional value-add opportunity to reposition the asset by implementing an exterior and interior renovation program,” said Hamid Panahi.
“The properties unique physical characteristics and below market rents, combine to make a great opportunity for the buyer to increase revenue post renovation,” said James Crawley.
Arbor Villas is located at 1625 E Prince Rd in Tucson, AZ.