Yardz on Kolb Closes One of Largest Multifamily Portfolios in Tucson

Yardz on Kolb, a 410-unit multifamily asset in Tucson, recently traded for $65.5 million or $159,756 per unit. The buyer was Greenwater Real Estate Management.

Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Monarch Investment and Management Group, and procured the buyer.

“Yardz on Kolb is an excellent candidate for the implementation of an interior renovation program,” said Panahi. “Previous ownership modernized a small percentage of the units, creating the opportunity for the buyer to continue or exceed the improvement program to optimize demand and maximize future revenue growth.”

Constructed between 1972 and 1974 on 17-plus acres, the garden-style property is in Tucson’s central submarket near high-profile employers, central malls and retailers. Nearby Interstates 10 and 19 provide access to Oro Valley, Green Valley and Tucson International airport.

The transaction completes the sale of one of the largest multifamily portfolios in Tucson, the 1,286-unit Tucson Five portfolio. Closed by Panahi, Gebing and David for a total of $204 million, the other four properties in the portfolio are Hampton Park, Lakeside Casitas, San Mateo and Solano Springs.