Institutional Property Advisors (IPA), a division of Marcus & Millichap, sold The Ledges at West Campus, a 205-unit apartment property in Tucson, Ariz. for $23 million, which is also $112,195 per unit.
“Previous ownership improved the presentation of the property and minimized capital cost exposure for new ownership by investing significantly in exterior and interior enhancements,” says Hamid Panahi, first vice president of investments. “New ownership will have the opportunity to continue the programmatic implementation of select interior finish upgrades to optimize resident demand and maximize rent revenue.”
Panahi, Steve Gebing, senior managing director, and Cliff David, senior managing director, represented the seller, Aspen Square Management, and procured the buyer, a private investor.
The property is located near the large student populations centered around Pima Community College’s West and Downtown campuses and the University of Arizona. Interstate 10 is 1.5-miles away and a Tucson Sun Link streetcar station is within 2.5 miles. The West University neighborhood is three miles east of the community.
Developed in 1997, The Ledges at West Campus features one- and two-bedroom apartment homes and four-bedroom townhomes. The weighted average unit size is 1,123 square feet.