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Bridge Investment Group Bags Pair of Tucson MF’s for $90M

Institutional Property Advisors’ (IPA), a division of Marcus & Millichap, brokered the sale of a two-property multifamily portfolio in Tucson for a combined $90.2-million sales price. The properties included Equestrian, a 288-unit complex that sold for $47.7 million, or $165,625 per unit, and Ridgeline (pictured), a 272-unit property that traded for $42.5 million, which represents $156,250 per unit. Both properties are located on West Linda Vista Boulevard in Northwest Tucson.

IPA’s Hamid Panahi says, “Post-2000 constructed multifamily assets like Equestrian and Ridgeline are rarely available in North Tucson. These two communities provide new ownership with the opportunity to enhance revenue through the continued implementation of an apartment interior renovation program.”

Panahi, along with IPA’s Steve Gebing and Cliff David, represented the seller, Bascom Arizona Ventures, and procured the buyer, Bridge Investment Group.

Completed in 2008 on 13 acres, Equestrian is comprised of 18 residential buildings. Ridgeline’s 17 residential buildings were constructed in 2002 and 2008 on 13 acres.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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