Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of a three-property, 812-unit portfolio of multifamily assets in Southern Arizona. The portfolio sold for $70,225,000.
“Multifamily property fundamentals in Southern Arizona have rebounded triumphantly due to stabilization in the single-family housing market and positive strides in the job market,” says Hamid Panahi, first vice president investments. “Investors are attracted to the Tucson market because of its strong apartment fundamentals and higher yields than are available elsewhere.”
Panahi, Steve Gebing, senior managing director, and Cliff David, senior managing director, represented the seller, a private investor, and procured the buyer, Bascom Arizona Ventures.
The properties are:
- Summit Vista, 288 units, Tucson
- Crescent Ridge, 272 units, Tucson
- Port Royale, 252 units, Sierra Vista
Summit Vista and Crescent Ridge are located within the rapidly growing North Tucson submarket with close proximity to key employment draws, including Northwest Medical Center, Foothills Mall, and Arizona Pavilions shopping center.
Port Royale is situated near Fort Huachuca, Cochise College, and the University of Arizona South Campus.