TUCSON, Arizona – 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 Coronado Vista Courtyard, a 21,600-square-foot seniors housing property located in Tucson, Arizona.
According to Ryan Sarbinoff, regional manager of the firm’s Tucson office, the asset sold for $3,200,000.
“Insatiable buyer demand continues to be driven by a 14.6% increase in rental growth across Tucson year over year as net in-migration of new seniors from midwestern cities outpaces new deliveries,” explained Alex Snyder, investment specialist in Marcus & Millichap’s Tucson office. Snyder, Hamid Panahi and Lane Schwartz, investment specialists in Marcus & Millichap’s Tucson and West Los Angeles offices, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a private investor, was procured by Snyder, Panahi and Schwartz.
“Tucson’s low cost of living and highly educated workforce keep it in a leadership position as one of the nation’s fastest-growing economies. Healthy job gains, favorable yields and value-add opportunities have been the main catalyst for investors moving capital into Tucson,” Panahi added.
Coronado Vista Courtyard is located at 1511 North Craycroft Road in Tucson, Arizona. Built in 1963, this 40-unit 55+ senior apartment community sold for $80,000 per unit.