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 Oracle Canyon, a 36-unit apartment property located in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Tucson office, the asset sold for $4,050,000 ($112,500 per unit)
“Oracle Canyon presented an opportunity for additional scale for the buyer in the Arizona market mirroring a larger trend of investment capital leaving the Coastal market for secondary and tertiary markets such as Tucson,” stated James Crawley, investment specialist in Marcus & Millichap’s Tucson office.
“The seller had extensively renovated Oracle Canyon’s interior and exterior, most notably, a programmatic interior renovation scope achieving new watermark rents,” added Hamid Panahi, first vice president investments in the firm’s Tucson office. “With a lack of new supply and barriers to entry in infill locations such as Oracle Canyon’s, the buyer can continue to turn the unrenovated units for a corresponding premium and meet demand.”
Panahi and Crawley had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was also procured by Panahi and Crawley.
Oracle Canyon is located at 331 West Pastime Road in Tucson, Arizona. Delivered in 1984, Oracle Canyon was built by local developers Vasquez Construction of entirely two-bedroom/two-bathroom floor plans, featuring a pool and spa, gated entry, and on-site leasing office.
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