Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Yardz on Kolb, a 410-unit multifamily asset in Tucson, Arizona. The property traded for $65.5 million, or $159,756 per unit.
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“Yardz on Kolb is an excellent candidate for the implementation of an interior renovation program,” said Hamid Panahi, IPA first vice president. “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.” Panahi and IPA’s Steve Gebing and Cliff David represented the seller, Monarch Investment and Management Group, and procured the buyer, Greenwater Real Estate Management.
Constructed between 1972 and 1974 on 17-plus acres, the garden-style property is in Tucson’s central submarket near access to high-profile employers, central malls and retailers. Nearby Interstates 1o 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.