TUCSON, Ariz., Sept. 20, 2023 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Juniper Canyon, a 140-unit
multifamily asset in Tucson, Arizona.
Selling at $19.8 million on September 7, 2023, it represents the highest multifamily sale price for the year at $141,428 per unit and $241.64 PSF.
“Renter demand for Juniper Canyon has led to strong operational momentum, evidenced by 97% average physical occupancy over the past 12 months,” said Clint Wadlund, IPA senior director. “Enhancements under previous ownership solidified this asset as a high-quality community within the submarket, affording residents increased living standards mixed with a convenient location they desire,” added Hamid Panahi, IPA senior vice president. Wadlund, Panahi, and IPA’s Art Wadlund, Steve Gebing and Cliff David represented the seller, and procured the buyer.
“The Tucson multifamily market is supported by the city’s dependable infrastructure, proximity to other major Western markets, and local government’s long-term planning and strategic public-private partnerships with companies like Raytheon,” said Panahi.
The property is close to Interstate 10 and Oracle Road/State Route 77, giving residents access to a majority of Tucson’s employers.