TUCSON, Arizona – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Lakeside Casitas, a 310-unit multifamily property at 8250 E Golf Links Road in Tucson, Arizona. The asset traded for $63.25 million, which equates to $204,032 per unit.

Located in a market that benefits from the competitive shelter of future multifamily supply, Lakeside Casitas is poised for revenue growth from strategic common area and interior renovations,” said Hamid Panahi, IPA first vice president. Panahi and IPA’s Steve Gebing and Cliff David represented the seller, Monarch Investment and Management Group, and procured the buyer, Bridge Investment Group.

The property is accessible from Tucson’s two major thoroughfares, Interstate 10 and Interstate 19, which provide access to Oro Valley, Green Valley, Vail, Downtown Tucson and Tucson International Airport. Residents have direct access to one of Tucson’s main economic drivers, Davis-Monthan Air Force Base. Other nearby employers are Alorica, Agero, TuSimple, and Amazon. Built in 1983 on 21 acres, Lakeside Casitas’s community amenities include a business center, pool and spa, koi pond and covered parking. Apartments have open concept living areas, washers and dryers, oversized walk-in closets, and private patios. The average unit size is 894 square feet.

Institutional Property Advisors’ (IPA)  combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.

TUCSON, Arizona – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Metro Broadway, a 135-unit multifamily asset in Tucson, Arizona. The property sold for $20.3 million, which equates to $150,370 per unit.

“Attractive year-over-year average rent growth and lack of supply is driving demand for multifamily investment assets in Tucson,” said Hamid Panahi, IPA first vice president. “Metro Broadway is a value-add apartment property supported by the unparalleled connectivity of its location along Broadway Boulevard.” Panahi and IPA executive managing directors Steve Gebing and Cliff David represented the seller, Zona Multifamily, and procured the buyer, Greenwater Investments.

The property is less than 10 miles from Downtown Tucson, near Park Place Mall, Saint Joseph’s Hospital and Davis-Monthan Air Force Base. The University of Arizona and Pima Community College are a short drive away. Built in 1972 on six acres, Metro Broadway has a mix of studios and one- and two-bedroom apartment homes with patios or balconies, dishwashers and vaulted ceilings. The property’s community amenities include reserved covered parking, a swimming pool, spa and hot tub.

To learn more, see RED Comp #9307.

TUCSON. ARIZONA –  LUCESCU REALTY Private Client Services, a division of LUCESCU REALTY, a market leading investment real estate services firm, announced the sale of Green Valley Village in Green Valley (Tucson MSA), Arizona for a total consideration of $9.35 Million ($53 PSF); property was 67% occupied at time of sale

The seller was Holualoa Companies, headquartered in Tucson, AZ, a privately held, real estate investment firm with a 35-year track record of investing in office, retail, industrial, multifamily, hotel, and mixed-use properties across the United States and Europe. The Buyer is a privately held Investment and Management Company, headquartered in Nogales, AZ, that has a significant footprint in the region.

Alex Minoofar with LUCESCU REALTY in Newport Beach, CA and Greg Wendelken with LUCESCU REALTY in Phoenix, AZ exclusively represented Holualoa in the sale and directly procured the Buyer as well.

Green Valley Village is a Mixed-Use Center anchored by Ace Hardware, Sears HomeTown, and Arizona Blood and Cancer Specialists. The Center, totaling approximately 175,647 square feet of Gross Leasable Area, is uniquely positioned to provide essential services to local residents, as well as nearby markets as an alternative to Tucson, 20 miles to the North. The Property is leased to a diverse mix of internet-resistant tenants, with over 40% of leasable area tenanted by Medical and Office, and includes national tenants such as Ace Hardware, Sears HomeTown, Edward Jones, Color Me Mine, Allstate Insurance, Nationwide Insurance, United Health Care, and Compass Bank (ATM). Located at Southwest Quadrant of Interstate 19 and W. Esperanza Blvd (on/off ramp adjacent), the Property boasts approximately 900 feet of frontage along Interstate 19. The Buyer was attracted by the value-add opportunity. Offers were received from prospective buyers from around the country.

“This is quite the unique trade area, as the Property actually saw increased leasing activity during the COVID-19 Pandemic,” noted Minoofar. “As Arizona continues to grow, especially with retirees, properties like this one that understand their local customers and communities will continue to succeed.”

Wendelken added, “The local Buyer is very hands on and well positioned to get the property leased up to market levels and benefit from today’s historically low rates, creating a high yield investment for years to come.”

For more information, Wendelken should be reached at 480.685.5998 and Minoofar is at 949.706.7772

To learn  more, see RED Comp #9247.