TUCSON, Ariz., June 11, 2024 – 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 Midtown on 1st, a 94-unit apartment property located in Tucson, Arizona.
The asset sold for $13,600,000 ($144,680 per unit) and closed on May 22, 2024.
"We are excited to have successfully completed this transaction on behalf of the seller and look forward to seeing the buyer's vision come to life through the planned community enhancements," said Hamid Panahi, senior vice president in the firm’s Tucson office.
Panahi and Clint Wadlund, senior vice president in the firm’s Tucson office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Panahi and Wadlund also procured the buyer, an individual/personal trust.
"Midtown on 1st offers investors a partially renovated (54%) multifamily housing option that appeals to the budget-conscious UArizona students, graduate students, non-traditional students, or staff members, by providing prospective residents a high-quality housing alternative without compromising the lifestyle they desire,” adds Wadlund.
Midtown on 1st is at 1920 North 1st Avenue in Tucson, Arizona. Formerly operated as a by-the-bed student property, previous ownership successfully transitioned Midtown on 1st into a market-rate asset with traditional 12-month leases and normalized expenses. Rents at Midtown on 1st are lower than similar-sized, vintage student properties in the submarket and are significantly below core-student mid-rise assets.
For more information, Panahi and Wadlund can be reached at 520.719.6511.
To learn more, see RED Comp #11312.