TUCSON, Ariz., November 3, 2023 – 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 Equinox on Pima, a 107-unit apartment community located in Tucson, Arizona. The asset sold for $14,500,000 ($135,514 per unit).
“Equinox on Pima’s recent improvements lay the groundwork for the new owner to continue the repositioning program with apartment interior renovations,” said Hamid Panahi, senior vice president investments in Marcus & Millichap’s Tucson office. Panahi, Clint Wadlund, and Art Wadlund, investment specialists in the firm’s Tucson office, had the exclusive listing to market the property on behalf of the seller. The buyer was also procured by Panahi, Clint Wadlund and Art Wadlund. “The buyer was excited for the opportunity to acquire a well-established asset, further expanding their footprint in Tucson,” added Clint.
Equinox on Pima is located at 4383 East Pima Street in Tucson, Arizona. Comprised of one- and two-bedroom floor plans, the luxury finishes include white shaker-style cabinets, quartz countertops, stainless-steel appliances, wood-plank vinyl flooring, five-inch baseboards, stacked washers/dryers, fabric curtains, spacious closets, lighted ceiling fans, new plumbing fixtures, and large front yards in select units.
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