IPA Brokers for Two Tucson Rental Communities

Institutional Property Advisors (IPA) has brokered sales of two Tucson-area multifamily communities. Elevate, a 144-unit apartment property traded for $21.8 million, or $151,389 per unit and Eastyn Park, a 279-unit multifamily property sold for $42.5 million, or $152,329 per unit. Sheiner Group/Living Well Homes was the seller of both properties.

IPA’s Clint Wadlund said the buyer of Elevate got a revamped property, “Previous ownership enhanced all the common area amenities and implemented a two-tiered interior renovation program.” IPA represented the seller, and procured the undisclosed buyer.

Constructed in 1985 on four acres, Elevate is a three-story, six-building property with a business center, swimming pool, and fitness center. Apartments have private balconies or patios. The average unit size is 817 square feet.

Built in 1973, Eastyn Park (in picture) is a 33-residential building, garden-style asset with a newly upgraded fitness center and pool area, two swimming pools, business center and picnic areas with barbecue grills. The average unit size is 895 square feet. Greenwater Investments was the buyer.