TUCSON, Arizona – 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, or $86,484 per unit.
Bascom Arizona Ventures acquired the three apartment communities located in Tucson & Sierra Vista, Arizona. Bascom Arizona Ventures assumed existing HUD loans for all three properties. Hamid Panahi of Marcus & Millichap represented the buyer and seller in the transactions.
“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,” commented 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, with IPA at Marcus & Millichap, represented the seller, a private investor, and procured the buyer, Bascom Arizona Ventures.
All three properties offer a resort-style swimming pool, relaxing spa, 24-hour fitness center, business center, and private garages. Residents at Summit Vista (288 units) at 4701 W Linda Vista Blvd. in Tucson was built in 2008 and Crescent Ridge (272 units) at 3980 W Linda Vista Blvd. in Tucson was built in two phases (2001 & 2008). Both enjoy easy access to Interstate 10 and are proximate to some of the area’s largest employers, as well as a plethora of retail, dining, and entertainment options. Also built in two phases (2004 & 2008), Port Royale (252 units) at 1201 North Colombo Avenue in Sierra Vista, AZ is proximate to Ft. Huachuca, the largest military installation in the state.
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.
The purchase comes on the heels of Bascom’s recent acquisitions of Springs at Silverbell, a 290-unit “Class A” community, and Springs at Continental Ranch, a 196-unit “Class A” community, both located in northwest Tucson, as well as La Entrada, a 186-unit community located near downtown Tucson.
For more information, Panahi should be reached at 602.687.6649, Gebing can be contacted at 602.687.6771 and David is at 602.687.6763.
To learn more, see RED Comp #5231.