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.

To learn more, see RED Comp #8263.

TUCSON, Arizona – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Santuario, a 70-unit apartment property located in Tucson, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix and Tucson offices. The asset sold for $3.485 million ($49,786 per unit).

“Tucson’s strong economic fundamentals are creating operational momentum for multifamily assets,” says Hamid Panahi. “Santuario’s new owners are in an excellent position to increase revenue by implementing an interior upgrade program.

Panahi and James K. Crawley, investment specialists in Marcus & Millichap’s Phoenix and Tucson offices, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, an individual/personal trust, was secured and represented by Sevak Keshishian and Shara Parseghian , investment specialists in Marcus & Millichap’s Encino office.

“Investors continue to be attracted to the Tucson market as they are able to achieve higher yields combined with a lower per unit basis on the acquisition,” says James Crawley.

Santuario is located at 1201 N Alvernon Way in Tucson, AZ.

For additional information, Panahi should be reached at 520.719.6511.

To learn more, see RED Comp #5696.

TUCSON, Arizona – Marcus & Millichap handled the purchase by a private investor from Glendale, Calif of  Desert Palms Apartments at 3125 N Alvernon Way in Tucson for $3.1 million ($45,588 per unit).

Built in 1983, Desert Palms is a 2-story, 68-unit Apartment Community located on Alvernon Way near Ft. Lowell. Kitchens are equipped with refrigerators, electric range, garbage disposals, and a dishwasher. Some units feature wood-vinyl flooring and walk-in closets.

Community amenities feature a swimming pool, laundry facility, covered parking, basketball and volleyball courts, as well as a pet playground.

The complex was 94% occupied at time of sale with a unit mix of 36-studios, and 16 each, one- and two-bedroom units.

The seller, Yorkdale Investment Group of Portland, Oregon and the buyer, Tide Pools, LLC, were represented by Hamid Panahi and James Crawley of Marcus & Millichap in Tucson.

“Based on Desert Palm’s positioning within the competitive landscape of the submarket, the subject property offers the opportunity to create future value through strategic interior and exterior renovations,” said Crawley.

Panahi added, “The buyer benefits from acquiring a property that is experience strong operational momentum through high occupancy and strong rental growth over the past 12 months.”

For more information, Panahi and Crawley can be reached at 520.719.6511.

To learn more, see RED Comp #5349.