TUCSON, Ariz.– Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Westwood and Park Vista, a 19-unit and 31-unit apartment property respectively, both located in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Tucson office, the Westwood sold for $2,445,000 ($128,684 per unit) and Park Vista sold for $2,455,000 ($79,194 per unit).
James K. Crawley and Hamid Panahi, investment specialists in Marcus & Millichap’s Arizona office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, another limited liability company, was secured and represented by Crawley & Panahi.
“Our team’s extensive footprint in both Phoenix and Tucson led to the successful capital migration of a California-based, Phoenix owner to make their first acquisitions in the Tucson market,” said Crawley. “Westwood and Park Vista were both extensively renovated by the seller, minimizing future capital exposure for the buyer. The buyer has the opportunity to continue the seller’s successful value-add plan by implementing interior renovations for corresponding rental premiums in two desirable rental markets around the University of Arizona.”
Westwood is located at 714 East 10th Street and Park Vista is located at 2497 North Park Avenue in Tucson, Arizona.
To learn more, see RED Comps #8782 and #8786.