Marcus & Millichap Arranges Sale of Student Housing Building in Tucson

TUCSON, AZ – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Second Street Homes, a 7-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 $2,320,000 ($331,429 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 Second Street Houses are one in a series of developments from a long-time, local developer/operator of upscale student housing projects around the University of Arizona,” says Panahi. “Constructed in 2009, the luxurious five-bedroom homes are a premier option offering spacious and optimally furnished homes with finishes seldom seen in a neighborhood of predominantly mid-century homes.”   The buyer, a private investor, was secured and represented by Hamid Panahi and James K. Crawley.  “The asset presented a great addition to the new ownership’s growing student-housing portfolio,” adds Crawley. “Located along the Third Street Bike Boulevard, students enjoy wide bike lanes and restricted automobile access with a direct link to the great lawn entrance of the University of Arizona. Additionally, proximity to El Con Mall, Broadway Village, Reid Park, and Whole Foods provides students expedient access to all conveniences.”

Second Street Homes is located at 3148 E 2nd St in Tucson, AZ.