TUCSON, Arizona – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Canyon Heights, a 196-unit multifamily property in Tucson, Arizona. The property at 550 N Pantano Rd. in Tucson traded for $33 million, or $168,367 per unit.
“Demand for multifamily assets in Tucson continues to escalate as out-of-state investors seek to benefit from the city’s 21.7% annual rent growth rate, the fourth-highest in the nation,” said Hamid Panahi, IPA senior vice president.
Panahi and IPA’s Clint Wadlund, Steve Gebing and Cliff David represented the seller, South Coast Commercial.
“With 100% of its units unrenovated, Canyon Heights offers an increasingly rare blank-canvas value-add opportunity,” added Wadlund. “Original common area amenities and interior finishes provide new ownership with the opportunity to implement a strong renovation program to match current consumer preferences and expectations.”
Constructed in 1982 on five-plus acres, Canyon Heights’ community amenities include covered parking, a swimming pool and a 24-hour fitness center. Apartments have dishwashers, ceiling fans, and views of the Santa Catalina Mountains. Select units offer private balconies and wood grain vinyl flooring.
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