TUCSON, AZ (June 17, 2025) — Olympus Property, a Texas-based multifamily investment and property management firm, has acquired The Place at Arroyo Verde, a newly constructed 156-unit apartment community located at 8150 N. La Cholla Blvd in the Casas Adobes submarket of Tucson, Arizona. The asset was purchased for $37.5 million, translating to $240,385 per unit and $251 PSF. The sale marks Olympus Property’s strategic entry into the Tucson market as part of its broader expansion across high-growth areas in Arizona. The transaction closed on May 29, 2025.

The seller was MC Companies, and the transaction was brokered by Institutional Property Advisors (IPA), a division of Marcus & Millichap. Steve Gebing, Hamid Panahi, Clint Wadlund and Cliff David of IPA represented the seller and procured the buyer. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged acquisition financing for the buyer.

Completed in 2024, the garden-style community features a mix of one-story casitas and two-story walk-up floor plans, with units averaging 956 square feet in size. Interiors offer open-concept layouts, stainless steel appliance packages, interior storage, single French doors, and walk-in showers with custom tile surrounds. Community amenities include a resort-style swimming pool, an oversized sundeck, a fitness center, a clubhouse, grilling stations, covered parking, and gated access.

The Place at Arroyo Verde stands out in the Tucson market for its modern design and prime location. At approximately 30 years newer than the average multifamily property within a three-mile radius, it is a rare addition in the affluent and supply-constrained Casas Adobes submarket, where only 1,870 units have been delivered in the past 25 years. Barriers to entry, including high land costs and lengthy permitting processes, have limited new development in the area.

Situated near Interstate 10, the community provides residents with convenient access to more than 271,000 jobs across key employment hubs, including the University of Arizona, Banner Health, Raytheon, Texas Instruments, Amazon, GEICO, and Caterpillar. Nearby retail and entertainment options include Desert Springs Shopping Center and Tucson Premium Outlets.

For more information, contact Hamid Panahi at (520) 719-6511 or Clint Wadlund at (520) 719-6525.

Reference: RED Comp #11927

Tucson, Arizona (June 16, 2025) — West77 Partners has closed on 3.19 acres at The Bridges of Tucson Marketplace, where it plans to develop a 126-room LivAway Suites, a new entrant in the upper-economy extended-stay hotel segment.

The site was acquired from Tucson Retail, LLC for $2,163,100 ($15.56 PSF) for the land, marking the brand’s first project in Southern Arizona. Brenna Lacey with VOLK Company represented the seller in the transaction that closed on June 6, 2025.

The hotel is expected to rise four stories and be delivered in 2026, aligning with West77’s broader strategy of rapidly expanding its LivAway Suites portfolio across high-growth metropolitan markets.

LivAway Suites, developed and operated by West77 Partners, is a tech-forward extended-stay brand offering spacious, studio-style suites that average approximately 400 square feet. Each suite is designed for longer-term occupancy, featuring a full in-room kitchen, modern furnishings, high-speed internet, and smart technology including contactless check-in. The brand blends affordability with upscale touches, positioning itself as a modern alternative to traditional budget extended-stay hotels.

“Our residentially-inspired rooms offer multi-purpose spaces for relaxing, working and living—not just staying,” LivAway says on its website. “A fresh and modern experience through sensible, Scandinavian inspired design.”

The hotel will be part of the growing retail and mixed-use ecosystem within The Bridges, which continues to attract national tenants, healthcare users, and hospitality development. The addition of LivAway Suites is expected to complement the district’s appeal to visiting professionals, medical travelers, and relocating families seeking longer-term accommodations.

The Tucson site mirrors other LivAway developments in Arizona, including projects in Tolleson, Glendale, and Surprise—all following the brand’s signature 4-story, 126-room footprint.

To learn more about this transaction, please contact Brenna Lacey at 520.326.3200.

Reference: RED Comp #11944

TUCSON, ARIZONA (June 12, 2025) — A fully renovated restaurant property at 2960 North 1st Avenue in Tucson has been sold for $802,000 ($275.51 PSF) to Sunset West Investments LLC, managed by Jose Quintero. The buyer plans to reopen the location under the name Rio Restaurant. The transaction included a complete turnkey setup, with recent interior renovations and exterior upgrades already in place.

Formerly home to El Berraco, the restaurant closed its doors on December 14, 2023. The site is located near the University of Arizona and is surrounded by residential neighborhoods, businesses, and corporate offices. The established location benefits from strong visibility, a storefront facing 1st Avenue, and convenient ingress and egress. The property also features 20 paved parking spaces and an outdoor dining area, making it an attractive option for restaurants.

The seller was Galaz Fusion LLC, managed by Benjamin Galaz. Andy Cota and Curt Stinson of Engel & Völkers Tucson represented the seller, while Erick Quintero of Tierra Antigua Realty represented the buyer.

For more information, Cota can be reached at 520.369.1527,  Stinson is available at 520.954.5800, and  Quintero can be contacted at 520.599.6225.

Reference: RED Comp #11759.