TUCSON, Ariz., October 19, 2022– 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 Dakota Canyon, an 80-unit apartment property located in Tucson, Arizona. The asset sold for $9.5 million ($119,000 per unit).
Clint Wadlund, Hamid Panahi, and Art Wadlund, investment specialists in Marcus & Millichap’s Tucson office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust and procured the buyer, Break of Day Capital.
“The seller achieved their investment goal over a 4-year hold period and is actively reinvesting in the Tucson market in order to continue to expand their footprint in the market,” said Hamid Panahi. “The buyer is excited at the opportunity to acquire an asset located 0.4 miles from Icon, another one of their assets, and continue to build upon the Icon brand withing the Tucson market,” added Clint Wadlund.
Dakota Canyon is located at 6201 East Pima Street in Tucson, Arizona. Built in 1973, the property is comprised one-, two-, and three-bedroom units. Units feature fully appointed kitchens and ceiling fans, and ±28 of the units include a washer/dryer. Residents enjoy various community amenities including a swimming pool, fitness center, and picnic areas with barbecue grills.
Transaction closed October 19, 2022.
For more information, Wadlund, Panahi and Wadlund can be reached at (520) 202-2900.
To learn more, see RED Comp #10248.