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 Good Rain, a 34-unit complex, 9th & Bean, an 8-unit apartment, and East Adams, a duplex, all located near the University of Arizona according to Ryan Sarbinoff, regional manager of the firm’s Tucson and Phoenix office. The assets sold for aggregate of $4,410,000 ($100,227 per unit).
James K. Crawley and Hamid Panahi, investment specialists in Marcus & Millichap’s Tucson office, had the exclusive listing to market the properties on behalf of the seller, a limited liability company. The buyer, a limited liability company is based out of Los Angeles.
Good Rain is located at 801 East 10th Street, 9th & Bean is located at 529 East 9th Street, and East Adams is located at 348 East Adams Street in Tucson, Arizona.
“The sellers bought each of the assets opportunistically conducting heavy repositioning over their ownership,” said James K. Crawley. “Each community provides the buyer a myriad of student and young professional housing options in the gentrifying neighborhoods of Iron Horse and Rincon Heights, as well as the highly-concentrated student populated Feldman’s neighborhood - all surrounding the University of Arizona and Downtown Tucson.”
To learn more, see RED Comps #6765 and #6777.