TUCSON, Ariz. – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Equinox on Prince, a 114-unit multifamily asset in Tucson, Arizona. The property sold for $21.1 million, which equates to $185,088 per unit.

Clint Wadlund, IPA senior director, and IPA’s Hamid Panahi, Steve Gebing and Cliff David represented the seller, Waahe Capital, and procured the buyer, Vertical Street Ventures.

“Waahe Capital produced a strong investment return through large capital infusions into interior renovations, common area enhancements, effective rebranding and enhanced community marketing of the Equinox brand,” said Panahi. “Vertical Street Ventures will continue to increase their investment upside through continued multi-tiered interior renovations and capitalizing on Tucson’s macro trends, most notably the city’s multifamily housing supply and demand imbalance,” added Wadlund.

Equinox on Prince is located in Central Tucson near Campbell Avenue, which provides quick access to Banner University Medical Center and the University of Arizona. The nearby Prince Road retail corridor gives residents immediate proximity to grocery, dining, and entertainment options. There are more than 20,000 jobs and nearly 825 employers within a five-mile radius of the property. Tucson’s major employers include Geico, Caterpillar, Amazon, Raytheon and the Davis-Monthan Air Force Base.

Built in 1964 on nearly five acres, the property is a 23-residential building complex with two swimming pools, a playground, dog park and laundry facilities. Upgraded unit interiors have white Shaker-style cabinets, stainless steel appliances and spacious closets. Select apartments have balconies and backyards. The average unit size is 654 square feet.

Phoenix, AZ. – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $2,500,000 / $625,000 Per Unit / $1,288 Per SF sale of Canyon Wren Cabins, a luxury cabin retreat located at 6425 Arizona 89A, Sedona, AZ 86336. ABI Multifamily’s Patrick Burch and John Klocek represented the seller in this transaction.

The buyer and seller are based in Arizona.

Canyon Wren is a private 4-cabin retreat located just south of Slide Rock State Park in between Sedona and Flagstaff. Located right on majestic Oak Creek, the property boasts magnificent views, private creek access, amazing accommodations and more. Canyon Wren is an absolutely gorgeous .18-acre property consisting of 4 luxury cabins that are tucked right up on the Red Rocks of Oak Creek Canyon with breathtaking views in every direction. Nestled in the Red Rocks of Oak Creek Canyon with flowing mature trees, lush green grass, beautiful landscaping and the soothing sound of a grand and breathtaking waterfall, the property is an idyllic setting in one of the most beautiful locations in the world.

Sedona is an Arizona desert town near Flagstaff that’s surrounded by red-rock buttes, steep canyon walls, and pine forests. It’s noted for its mild climate and vibrant arts community. Uptown Sedona is dense with New Age shops, spas, and art galleries. On the town’s outskirts, numerous trailheads access Red Rock State Park, which offers birdwatching, hiking, and picnicking spots. From Sedona jeep tours, hiking, Slide Rock, and Oak Creek Canyon to spiritual healing, massages, psychic readings and energy vortexes, Sedona will have your senses buzzing for days. Sedona, Arizona has become a mecca for all sorts of communities: spiritual healers, mountain bikers, hikers, artists, nature photographers, and even filmmakers. This vibrant and stunning area of Arizona’s ability to attract and accommodate so many walks of life has created and nurtured an eclectic, unique culture unlike anywhere you’ve ever experienced. Sedona is truly one of a kind and visiting Sedona is on the bucket lists of travelers all over the world.

TEMPE, Ariz. – 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 Las Palmas, a 16-unit apartment property located in Tempe, Arizona. The asset sold for $3,880,000 ($242,500 per unit).

“Located in a rapidly transforming North Tempe location, Las Palmas is poised for sustained desirability, rent growth and neighborhood improvement,” shared Paul Bay, first vice president investments in Marcus & Millichap’s Phoenix office. “New ownership will have the opportunity to upgrade all units with a luxury plus renovation to capitalize on favorable premiums already proven out in the submarket.”

Bay and Jason Tuvia, senior vice president in the firm’s Encino office, had the exclusive listing to market the property on behalf of the seller, a private investor. Tyler Waller, director with Marcus & Millichap Capital Corporation, was instrumental in securing financing. “The Buyer, an investor out of California, was having issues with financing her acquisition,” stated Waller. “We were able to provide permanent financing and negotiated the interest down to a 3.40% fixed-rate for five years on a 30-year amortization schedule, which is optimal for cashflow.” Las Palmas is located at 1010-1012 South Smith Road in Tempe, Arizona.