TUCSON, ARIZONA (May 14, 2026) — Tucson Real Estate and Investments LLC purchased Sonoran Palms Student Housing, a five-unit multifamily property at 1002 E. Lester Street in Tucson, from Lester Investment Partners LLC for $980,000. The transaction closed on April 29, 2026.

The sale equates to $196,000 per unit, $89,091 per bed, and $200.25 per square foot. The property sold at a reported 6.78% cap rate.

Built in 1967, the 4,894-square-foot property sits on 0.34 acres in Tucson’s Central submarket near the University of Arizona and Banner University Medical Center. The property consists of two buildings with five units: four two-bedroom, one-bath units and one three-bedroom, one-bath unit. The asset also includes a courtyard and individual gas and electric meters.

The property was marketed as Sonoran Palms Student Housing and positioned around its location in a high-demand University of Arizona rental corridor. The buyer, Tucson Real Estate and Investments LLC, is based in Los Angeles and was represented by David Richard Vertieb, a member.

Allan Mendelsberg and Joey Martinez with Cushman & Wakefield | PICOR represented both the seller and buyer in the transaction. Mendelsberg can be reached at 520.546.2721, and Martinez can be reached at 520.546.2730.

Source: RED Comp #12460

TUCSON, AZ (May 12, 206) — A two-tenant retail property occupied by Prep & Pastry on Grant and Sauce Pizza & Wine at 6450 E. Grant Road in Tucson sold for $3,850,000 in an investment sale.

The buyer was Lippow/Bablak 1 LLC and Lippow/Kyrene 1 LLC, affiliates of Lippow Development Company of Martinez, California. The seller was Grant Wilmot Retail LLC of Tucson.

The 6,094-square-foot retail building was constructed in 2015 on approximately 0.86 acres at the Grant Road commercial corridor in Tucson’s northeast submarket. The sale price equates to approximately $631.77 per square foot. The property includes two restaurant units and approximately 50 parking spaces.

The transaction was completed as a 1031 exchange for the buyer, who also owns the nearby Zinburger property and is expanding its investment portfolio in the area.

David Carroll of Paul Ash Commercial Real Estate handled the sale for the buyer and can be reached at 520.795.2100.

Prep & Pastry is a popular Tucson-based breakfast-and-brunch concept, while Sauce Pizza & Wine is a fast-casual restaurant brand known for pizza, pasta, salads, and wine. Their tenancy gives the property strong restaurant visibility along one of Tucson’s established east-side retail corridors.

Source: RED Comp #12476

TUCSON, Ariz., (May 8, 2026) – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale of River Oaks, a 300-unit multifamily property at 7730 East Broadway Blvd in Tucson, for $33 million, or $110,000 per unit. 

“Post-Covid multifamily operational headwinds realized throughout the Greater Tucson market in 2024 and 2025 are beginning to subside in 2026, and data supports a recovery in 2027,” said Clint Wadlund, IPA senior managing director investments. “Buyers entering the Tucson market this year, or adding to their existing portfolios, are well-positioned to benefit from forecasted rent growth in 2027 and beyond.”

“River Oaks presented the buyer with an attractive opportunity to acquire an asset with 300-unit scale and capitalize on the next growth cycle,” said Hamid Panahi, IPA senior managing director investments. Wadlund and Panahi represented the seller and procured the buyer.

River Oaks is located in East Tucson on Broadway Boulevard, a key east-west transportation corridor that provides direct access to Interstate 10 and Downtown Tucson. Broadway Plaza is directly across the street, and the property benefits from proximity to a diverse set of employment sectors, including healthcare, defense contracting, military, business and professional services, retail, and hospitality. Raytheon, Davis-Monthan Air Force Base, Banner Health, Tucson Medical Center, and Carondelet Health Network represent a sample of major employers in the area.

Completed in 1982 on over 10 acres, River Oaks features a mix of studio, one-, and two-bedroom apartments with full-size kitchens, air conditioning, and smart home features. Select units have walk-in closets and enclosed patios or balconies. Community amenities include a stand-alone clubhouse, two swimming pools, a playground, and three laundry facilities.

For more information, Wadlund can be reached at 520.615.1100, and Panahi is at 520.719.6511.

See also, RED Comp #12477.