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Phoenix & Southwest  + Phoenix  + Apartments  | 
Apple Apartments

Out-of-State Multifamily Investors Expand Targets to Include Tucson

The employment market in Tucson is adding back workers at an active pace. Year-over-year through the second quarter, employment growth has expanded by 2.4 percent with the addition of nearly 9,000 jobs. Area employers are on pace to add approximately 12,000 jobs by year-end, marking an annual payroll increase of 3.2 percent. 

With those employment numbers in mind, the 332-unit Apple Apartments in Tucson recently sold to Hannapat Management LLC, a Florida-based investor. The property is near some of Tucson’s largest employers including Davis-Monthan Air Force Base, which employs more than 5,900 personnel, and nearby University of Arizona currently has an enrollment of 46,000 students.

NorthMarq’s investment sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle brokered the sale.

“Our out-of-state investors have now expanded their target markets in the southwest to include Tucson. The prices and the value-add opportunities plus an expanding job market and highly qualified potential employees from the University of Arizona all play a pivotal role for Tucson,” said Hudson.

Apple Apartments were built in 1988.

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Inside The Story

Jesse Hudson

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Sale/Acquisition