New Apts. Sales of $8.1M Bring Marcus & Millichap to 47% of Tucson Market Share Year-to-date

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Hamid Panahi
Hamid Panahi, VP Investments, Marcus & Millchap

The Tucson Team of Hamid Panahi, Vice President Investments and James Crawley, Investment Sales Associate, with Marcus & Millichap in Phoenix have announced three new apartment closings with an aggregate of $8.1 million and 206 total units. These sales bring the market share of total transactions in Tucson for Marcus & Millichap to 47% of total transactions, 34% of total units sold and 23% of total sales volume since January 1, 2016.

For recent transactions and Tucson Market Share Ccick here: Market Share flyer

The Marcus and Millichap team handled the recent sales of The Edison Apartments, Tuscany Apartments and Desert Cove Apartments for the sellers.

Pacific Investments of Santa Barbara, CA (Steve Rottman, manager) sold The Edison Apartments at 5651 E Edison Street, Tucson to RCS 5651 LLC of Tucson (Richard Morris, manager) for $1.975 million ($35,268 per unit). The 56-units have two different floor plans in two- and three-story buildings with (31) 1-bedroooms and (25) 2-bedroom units. Common amenities include: swimming pool, BBQ area, laundry facilities and playground area.

Located in the northeast Tucson submarket, adjacent to the major intersections of Craycroft and Grant Roads, The Edison is in close proximity to Tucson Medical Center. In addition, many offices are located within this general vicinity with some situated on the same street as The Edison. The subject property is minutes away from many schools, restaurants, and retail including Park Place Mall.

Berkeley Court LLC of Tempe, AZ (Anju Parasher, manager) sold the Tuscany Apartments at 4399 E Pima Street in Tucson to 5412 Veterans Parkway LLC of Beverly Hills, CA for $3 million ($37,500 per unit). The 80-units consist of (48) 1-bedroom and (32) 2-bedroom units. Rent includes water, sewer, trash and refuse and feature central air & cooling, dishwashers, ceiling fans, large private patios, frost-free refrigerators, carpet and ceramic tile, large kitchens, large bedrooms, separate dining areas, and private enclosed yards on selected apartments. On-site amenities include laundry, pool, ample parking and free Wi-Fi.

Located in the northeast Tucson submarket, the property was 96% occupied at time of sale.

Desert Cove LLC of Beaverton, Oregon (Scott Feichtinger, manager) sold the Desert Cove Apartments at 1201 North Alvernon Way in Tucson to Santuario LLC of Tucson (Luz Andraux, manager) for $3.12 million ($44,571 per unit). The 70 units are in two-story buildings in this gated community with private patios and balconies and all utilities included.

Located in the northeast Tucson submarket, close to the U of A, the property was 100% occupied when it sold. Amenities include a large heated pool, BBQ areas, large private storage units, ceiling fans, dishwashers, and laundry facilities on premises. Utilities include water, sewer and trash. Close to public transportation at Alvernon and Bellevue Street, north of Speedway Blvd.

For additional information, Panahi can be contacted at 602.687.6649 and Crawley is at 602.687.6700.  Steve Gebing and Cliff David also with Marcus and Millishap handle multifamily sales focused in the Phoenix market.

To learn more, see RED Comp #3853, #3867 and #3882.