TUCSON, Arizona – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Metro Broadway, a 135-unit multifamily asset in Tucson, Arizona. The property sold for $20.3 million, which equates to $150,370 per unit.
“Attractive year-over-year average rent growth and lack of supply is driving demand for multifamily investment assets in Tucson,” said Hamid Panahi, IPA first vice president. “Metro Broadway is a value-add apartment property supported by the unparalleled connectivity of its location along Broadway Boulevard.” Panahi and IPA executive managing directors Steve Gebing and Cliff David represented the seller, Zona Multifamily, and procured the buyer, Greenwater Investments.
The property is less than 10 miles from Downtown Tucson, near Park Place Mall, Saint Joseph’s Hospital and Davis-Monthan Air Force Base. The University of Arizona and Pima Community College are a short drive away. Built in 1972 on six acres, Metro Broadway has a mix of studios and one- and two-bedroom apartment homes with patios or balconies, dishwashers and vaulted ceilings. The property’s community amenities include reserved covered parking, a swimming pool, spa and hot tub.
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