TUCSON, Ariz. – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Alta Vista, an eight-unit apartment property located in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Tucson office, the asset sold for $860,000 ($107,500 per unit).
"The seller had conducted extensive capital improvements and repositioning of the asset since ownership,” stated James Crawley, investment specialist in Marcus & Millichap’s Tucson and Phoenix offices. “Opportunity elsewhere led the seller to divest of their Tucson holdings, taking advantage of low available inventory while pent-up demand continues to seek assets in well-performing markets like Tucson.” Crawley alongside Hamid Panahi, investment specialist also in the firm’s Tucson and Phoenix offices, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
“The buyers facilitated a tax-deferred exchange out of the Los Angeles area,” added Crawley. “Alta Vista presented an opportunity to scale up their holdings and effectively increase yield; a pattern we continue to see as capital migrates out of the western coastal markets.” Crawley and Panahi also procured the buyer, a private investor in the transaction.
Alta Vista is located at 3021 East Alta Vista Street in the La Madera neighborhood of Midtown Tucson. Built in 1956 on 0.51 acres, the asset includes five one-bedroom units, one two-bedroom unit and two studios.
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