Tucson Stays Hot When it Comes to Multifamily Sales
The turnover of apartment complexes in Tucson continues to stay robust, as Institutional Property Advisors (IPA) just announced the sale of Canyon Heights. The 196-unit complex traded for $33 million, or about $168,367 per unit.
Tucson’s market is particularly attractive due to escalating rents, the fourth highest in the country. IPA’s Hamib Panahi echoes the sentiment here, “Demand for multifamily assets in Tucson continues to escalate as out-of-state investors seek to benefit from the city’s 21.7% annual rent growth.”
The 30-year old complex was sold, despite behind on renovations. “Canyon Heights offers an increasingly rare blank-canvas value-add opportunity,” added Clint Wadlund, also from IPA, “Original common area amenities and interior finishes provide new ownership with the opportunity to implement a strong renovation program to match current consumer preferences and expectations.”
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.