Five Apt. Properties Sell for $130M in Tucson Deal
With 248,000 working-professional residents, Tucson is primed for tenants of multifamily, apartment complexes and projects. Marking that demand, Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has sold Tucson V – a five-property, 880-unit multifamily portfolio. The assets traded for $130 million, according to a news release.
The properties are:
Aventura, 239 units built in 1985
Las Brisas, 248 units built in 1983
Alegria, 161 units built in 1985
The Enclave, 120 units built in 1974
Vista Montana, 112 units built in 1984
Poised for continued population growth, Tucson is already home to several large employers, including Raytheon, Caterpillar, Geico, Banner Health, and Amazon. Amazon, CIS Global, TuSimple, and Nuvox Pharma have all announced expansions in the city.
Downtown Tucson has 45,000 jobs and The University of Arizona and Banner University Medical Center’s greater campus hosts 15,500 positions. Major retail centers include Park Place Mall, Tucson Mall and Tucson Spectrum.
Panahi and IPA executive managing directors Steve Gebing and Cliff David represented the seller, Weidner Apartment Homes, and procured the buyer, Western Wealth Capital.
“Tucson is poised for additional demographic growth over the next five years, which should sustain the metro’s recent historical rent and occupancy highs,” concluded David. “We expect that multifamily investment will continue to be strong as capital chases Tucson’s undeniably strong market fundamentals.”