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 Bellevue Estates, a 20-unit apartment property and Vista de Catalina, a 32-unit apartment property both located in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix and Tucson offices, the assets sold for $1,330,000 ($66,500 per unit) and $1,960,000 ($61,250 per unit) respectively.
Hamid Panahi and James K. Crawley, investment specialists in Marcus & Millichap’s Tucson office, had the exclusive listing to market each property on behalf of the respective sellers, both private investors. The buyer for Bellevue Estates, a limited liability company, was also secured and represented by Hamid Panahi and James K. Crawley.
Bellevue Estates is located at 5110 East Bellevue Street in Tucson, Arizona. “Bellevue Estates represents the most recent expansion of the SB Multifamily portfolio in Tucson. We are grateful to have had the opportunity to transact with one to the most active investors in the Tucson market in Scott Brittenham and the rest of his team at SB Multifamily.”
Vista de Catalina is located at 5770 East 10th Street, Tucson, Arizona. “The Seller repositioned Vista de Catalina completely since acquisition, conducting both interior and exterior enhancements,” said James K. Crawley “improving the presentation of the property while simultaneously minimizing future capital cost exposure for a new owner.”
For more information, Panahi should be reached at 520.719.6511 and Crawley contacted at 520.719.6512.
To learn more, see RED Comp #6515 and #6544.