TUCSON, Ariz. – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Tucson East Apartments, a 52-unit apartment property located in Tucson, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Tucson and Phoenix offices. The asset sold for $3,49 million ($67,115 per unit).
Hamid Panahi and James Crawley, investment specialists in Marcus & Millichap’s Tucson office as well as Michael Hubl in the firm’s Phoenix office had the exclusive listing to market the property on behalf of the seller, a limited liability company. “The sellers of Tucson East enjoyed an over decade-long ownership and meticulously maintained the community,” Panahi explained. “Capitalizing on submarket fundamentals and operational momentum, the ownership pool decided it was time to replace their equity in their own separate investments.”
The buyer, a limited liability company, was also procured by Panahi, Crawley and Hubl. “The buyer, one of the most active in the private capital space in Tucson, was attracted to the community due to the age-restricted nature of the operations, first generation value-add opportunity with interior enhancements, and the additional scale of management in the submarket,” Crawley stated. “Utilizing Marcus & Millichap’s financing division, the buyer was able to capitalize on today’s attractive rates and terms with long-term debt,” he added.
Tucson East Apartments is located at 8490 East Old Spanish Trail in East Tucson. Developed in 1982, the property offers 41 one-bedroom/one-bathroom units and 11 two-bedroom/two-bathroom units. Unit interiors feature fully equipped kitchens with dishwashers and disposals, an intercom system linked to the community front gate, and private patios or balconies. The well-maintained community offers residents a heated swimming pool and spa, resident club house, and on-site leasing office and laundry center. Additional community amenities include photovoltaic solar panels, solarized resident hot water, and reserved covered parking for select units.