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 Casa Libre en la Solana, an 8-unit apartment property located in Tucson, Arizona.
According to Ryan Sarbinoff, regional manager of the firm’s Tucson office, the asset sold for $975,000 ($122,000 per unit).
James Crawley, investment specialist in Marcus & Millichap’s Tucson office, marketed the property on behalf of the seller, a private investor. The buyer, a limited liability company, was procured by Crawley.
“Casa Libre is truly one of the most unique assets in the Downtown Tucson area. Fronting the Historic Fourth Avenue, Casa Libre is highlighted by vaulted ceilings, adobe construction and tastefully refurbished interiors,” said Crawley. “Hidden amongst the retail and restaurants, the community provides residents a truly walkable lifestyle. The seller had developed Casa Libre into a haven for aspiring artists and musicians looking to be inundated in the arts and culture of Fourth Avenue.”
“The buyer has an extensive track record of repositioning historic communities in and around Downtown Tucson,” added Crawley. “The buyer is excited for the opportunity to own Fourth Avenue frontage accented by the charm and desirability of the late 1800’s-built community.” Casa Libre en la Solana is located at 228 North 4th Avenue in Tucson, Arizona.