TUCSON, Arizona — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of The Ledges at West Campus, a 205-unit apartment property in Tucson, Arizona. The $23 million sales price equates to $112,195 per unit.

“Previous ownership improved the presentation of the property and minimized capital cost exposure for new ownership by investing significantly in exterior and interior enhancements,” says Hamid Panahi, first vice president investments. “New ownership will have the opportunity to continue the programmatic implementation of select interior finish upgrades to optimize resident demand and maximize rent revenue.”

Panahi, Steve Gebing, senior managing director, and Cliff David, senior managing director, represented the seller, Aspen Square Management, and procured the buyer, a private investor.

The property is located near the large student populations centered around Pima Community College’s West and Downtown campuses and the University of Arizona. Interstate 10 is 1.5 miles away and a Tucson Sun Link streetcar station is within 2.5 miles. The West University neighborhood is three miles east of the community.

Developed in 1997, The Ledges at West Campus features one- and two-bedroom apartment homes and four-bedroom townhomes. The weighted average unit size is 1,123 square feet.

For additional information, Panahi should be reached at 520.719.6511.

Marana, Arizona — 7455-7475 W Twin Peaks Road in Marana sold to John Kai, Jr., LLC for $5.12 million ($275 PSF). This is the second purchase at Twin Peaks Plaza for the investor. Earlier this year, 7555 W. Twin Peaks Rd, an 8,540-square-foot retail pad building, was purchased for $2 million ($234 PF).

Twin Peaks Road connects Marana’s two planned communities – Continental Ranch and Dove Mountain and property is the closest retail center to the new Simon Property’s Premium Outlet Mall. This property is LEED certified (Leadership in Energy and Efficient Design) newer construction, with the tenants saving up to 50% percent on utilities cost.

The 18,300-square-feet multi-tenant center includes the following tenants: Anytime Fitness, AKKA Karate, Point of Grace Dance Studio, Dental Village, Lucky’s Tea Room and Trinity Art Collection and Fowler Chiropractic.

The seller, CJR at Twin Peaks LLC, Gary Heinfeld, CCIM, and Ryan Heinfeld, CCIM, was self-represented in the transaction, as was John Kai, Jr., LLC.

For more information, Gary and Ryan Heinfeld are with Advisors in Real Estate, Inc. and can be reached at 520.299.0700.

To learn more, see RED Comp #5386.

Sahuarita, Arizona – The Sahuarita Plaza Shopping Center at 18705-18806 South I-19 Frontage Road in Sahuarita sold for $14,760,492 ($106.47 PSF). The seller, Cole Valley Partners (Zach Bonsell, managing partner) acquired the Sahuarita Power Center located at the I-19 and Duval Mine Rd Interchange in December, 2014.

Dollar Tree was added to the west end of the center by Cole Valley Partners and additional building square footage that totaled 138,639-square-feet at time of sale on 19.74 acres.  Anchored by Ross, Big Lots, PETCO, and Ace Hardware the center was 100% occupied when it sold.

See Real Estate Daily News Sahuarita Power Center Sells for $12.23 Million for prior transaction.

David Bernstein and Dave Murphy with The Bernstein Murphy Companies of Scottsdale represented the seller. Sean Thomas with SRS in Phoenix represented the investor, SD – Sahuarita Properties, LLC (LBM Investments, manager) of LaJolla, California.

For more information, Bernstein and Murphy can be reached at 480.656.1150 and Thomas can be contacted at 602.682.6000.

To learn more, see RED Comp #5334.