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Phoenix & Southwest  + Arizona  + Apartments  | 
232-unit Tucson Metro apartments sells for $38.5 million

Tucson Apartment Property Trades for $165,948 Per Unit

The 232-unit Metro Tucson was sold to Vertical Street Ventures for $38.5 million. Institutional Property Advisors (IPA) advised the undisclosed seller and found the buyer. IPA’s Clint Wadlund likes the upside, “The buyer is in a position to benefit from the city’s strong demographics and favorable multifamily real estate fundamentals by continuing and expanding the property’s interior renovation program.” At the time of the sale, 22 units had received upgrades.

Built in 1984, the project is a garden-style asset consisting of nine buildings, a pool, laundry facilities and pet areas. The average unit size is 640 square feet.

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Clint Wadlund

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

  • ◦Sale/Acquisition
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