Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Eastyn Park, a 279-unit multifamily property in Tucson, Arizona. The $42.5 million sales price equates to $152,329 per unit.
“Eastyn Park is in excellent position to continue capitalizing on Southeast Tucson’s average effective rent growth given recent enhancements to common area amenities and interior renovations,” said Hamid Panahi, IPA senior vice president. “Tucson’s steady rate of rent growth is a result of low unemployment, inadequate supply of new single-family and multifamily housing, and the increasing affordability delta between rent and the cost of 30-year fixed residential mortgage payments,” added Clint Wadlund, IPA senior director. Panahi, Clint Wadlund, Art Wadlund, Steve Gebing and Cliff David represented the seller, Sheiner Group/Living Well Homes, and procured the buyer, Greenwater Investments. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged the acquisition financing.
Constructed in 1973, the asset is near Interstate 10 and less than 10 miles from Downtown Tucson. There are over 83,000 jobs with employers including IQor, Rincon Research Corp., St. Joseph’s Hospital and Medical Center, Texas Instruments, and ADP Tucson within a five-mile radius. Shopping at Park Place Mall and recreation options Morris K. Udall Center and Dorado Golf Course are nearby. The University of Arizona is seven miles from the property.
Eastyn Park is a 33-residential building, garden-style asset with a newly upgraded fitness center and pool area, two swimming pools, business center and picnic areas with barbecue grills. Apartments have all-electric kitchens, wood-style plank flooring and oversized closets. The average unit size is 895 square feet.