A Tucson apartment complex, The Place at Arroyo Verde, which is a 156-unit project in the Casas Adobes neighborhood, sold for $37.5 million, or about $240,000 a unit.

“Casas Adobes is one of Tucson’s most affluent and highest barrier to entry submarkets,” said Institutional Property Advisors’ Steve Gebing, a broker on the deal. “Topography constraints, a prolonged permitting process, and the high cost of land, when available, have limited new construction in the area.’

Gebing and IPA’s Hamid Panahi, Clint Wadlund, and Cliff David represented MC Companies, the seller, and procured the buyer, Olympus Property. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged acquisition financing. 

The Place at Arroyo Verde’s garden-style construction combines one-story casitas and two-story walk-up floor plans. The average unit size is 956 square feet. A leasing office and clubhouse anchor the property’s shared amenities, which include a swimming pool, oversized sundeck, fitness center, grilling stations, and covered parking.