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Marcus & Millichap Negotiates the Sale of a 94-Unit Multifamily Property in Tucson, Arizona

June 06, 2024

TUCSON, Ariz., June 6, 2024 – 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 Midtown on 1st, a 94-unit apartment property located in Tucson, Arizona. The asset sold for $13,600,000.

"We are excited to have successfully completed this transaction on behalf of the seller and look forward to seeing the buyer's vision come to life through the planned community enhancements," said Hamid Panahi, senior vice president in the firm’s Tucson office. Panahi and Clint Wadlund, senior vice president in the firm’s Tucson office had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, an individual/personal trust, was also procured by Panahi and Wadlund. "Midtown on 1st offers investors a partially renovated (54%) multifamily housing option that appeals to the budget-conscious UArizona students, graduate students, non-traditional students, or staff members, by providing prospective residents a high-quality housing alternative without compromising the lifestyle they desire,” adds Wadlund.

Midtown on 1st is located at 1920 North 1st Avenue in Tucson, Arizona. Formerly operated as a by-the-bed student property, previous ownership successfully transitioned Midtown on 1st into a market rate asset with traditional 12-month leases and normalized expenses. Rents at Midtown on 1st are lower than similar sized, vintage student properties in the submarket, and are significantly below core-student mid-rise assets.


 

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.

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