TUCSON, Ariz., Nov.4, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of two multifamily properties in Tucson, Arizona: La Mirada, a 201-unit asset built in 1973, and 258-unit Sierra Vista, constructed in 1976.

The properties sold for a combined total of $65.15 million.

IPA’s Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David represented the seller, Tower 16 Capital Partners, and procured the buyer, Greenwater Investments. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets secured the financing.

“With these acquisitions, Greenwater Investments is now the fourth-largest apartment owner in Tucson by number of units,” said Wadlund. “As a result of their direct investments, Greenwater has added employees and expanded its Tucson corporate offices to provide additional modernized apartment living options to residents. The team is excited by the prospect of continuing the proven renovation strategy at Sierra Vista and is poised to upgrade the remaining 145 unrenovated apartments.”

“Throughout its ownership period, Tower 16 Capital Partners enhanced all of La Mirada and Sierra Vista’s common areas,” added Panahi. “They also completed interior renovations across 37% and 44% of the properties’ total units, respectively. Following the disposition of these two assets, Tower 16 will focus on its remaining Tucson properties and continue providing upgraded apartment units to renters in Tucson.”

Located along Grant Road, La Mirada’s location gives residents access to over 100,000 jobs in Tucson’s aerospace and defense, healthcare and business services industries. The 12-building, two-story, garden-style property has covered parking, a swimming pool, fitness center and a laundry facility. Apartments have gas ranges, stainless-steel appliances, and dishwashers. The average unit size is 955 square feet.

Sierra Vista is a two-story, 18-building, garden-style asset located on nearly nine acres just five miles north of Downtown Tucson. Community amenities include a swimming pool, spa, sauna, picnic and grilling areas. Apartments have air conditioning, hardwood floors and walk-in closets.

TUCSON, Ariz., November 3, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of The Zone, a 26-unit  / 112 bed student housing apartment property located in Tucson. The asset sold for $13,800,000 ($531,000 per unit / $123,000 per bed).

“The Zone is a build-to-rent property characterized by its unique architectural design and distinctive, condominium-quality finishes,” said Hamid Panahi, Senior Vice President of Institutional Property Advisors (IPA), a division of Marcus & Millichap.

“The scarcity of developable land near the University of Arizona provides shelter from future multifamily supply and increases their long-term investment appeal,” added Clint Wadlund, IPA Senior Vice President.

Panahi, Clint Wadlund and Art Wadlund in Marcus & Millichap’s Tucson office, had the exclusive listing to market the property on behalf of the seller, Brad Management, and procured the buyer, Texas Capital Partners.

The Zone is located at 1330 East Drachman Street in Tucson, Arizona.

For more information, Wadlunds can be reached at 520.615.1100 and Panahi can be contacted at 520.719.6511.

To learn more, see RED Comp #10269.

PHOTO: The Zone, 1330 E Drachman, Tucson, Courtesy of Marcus & Millichap.

Tucson, Arizona (Nov. 2, 2022) – CBRE has completed the $7.5 million sale of Banner Alzheimer’s Institute, a 15,084 square-foot, Class-A medical office in Tucson’s Catalina Foothills submarket to a private investor. David Montijo of CBRE represented the seller in this transaction.

Located at 2626 E. River Road on the corner of East River Road and North Hacienda del Sol Road, Banner Alzheimer’s Institute was built in 2020 to serve Banner Health’s broad network of Alzheimer’s patients in Southern Tucson. The building sits on 1.8 acres and has ample parking for doctors, patients and employees.

“The Banner Alzheimer’s Institute makes an excellent acquisition for an investor seeking an already cash flowing investment with hands-off steady and growing income for years to come,” said Montijo, First Vice President with CBRE.

The property is situated along the River Road corridor, just one mile east of River Road and Campbell Avenue, one of Tucson’s busiest focal points for retail, office and medical users, and the location of St. Philip’s Plaza, one of Tucson’s busiest retail hubs. The property is a few miles from downtown Tucson and The University of Arizona.

This Tucson location is one of three Banner specialty centers in Arizona devoted to the treatment of Alzheimer’s and memory care; the other two are in Phoenix and Sun City.