TUCSON, Arizona – 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 Santuario, a 70-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 $3.485 million ($49,786 per unit).
“Tucson’s strong economic fundamentals are creating operational momentum for multifamily assets,” says Hamid Panahi. “Santuario’s new owners are in an excellent position to increase revenue by implementing an interior upgrade program.
Panahi and James K. Crawley, investment specialists in Marcus & Millichap’s Phoenix and Tucson offices, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, an individual/personal trust, was secured and represented by Sevak Keshishian and Shara Parseghian , investment specialists in Marcus & Millichap’s Encino office.
“Investors continue to be attracted to the Tucson market as they are able to achieve higher yields combined with a lower per unit basis on the acquisition,” says James Crawley.
Santuario is located at 1201 N Alvernon Way in Tucson, AZ.
For additional information, Panahi should be reached at 520.719.6511.
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