TUCSON, AZ (July 26, 2024) -- Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Equestrian Apartment Homes, a 288-unit multifamily property at 4701 W Linda Blvd. in Tucson.
According to public records, the asset sold for $60.2 million ($209,027 per unit).
“Equestrian’s prime Northwest Tucson location is underscored by superior demographics,” said Clint Wadlund, IPA senior director. “Within a three-mile radius of the property, 67% of the workforce is white collar, and the average household income is over $103,700, which is 29% higher than the Tucson average.”
“Strong macroeconomic fundamentals in the Tucson MSA, coupled with our team’s expertise in connecting sellers with well-suited investors, resulted in a seamless transaction that enabled the buyer to enhance their presence in the market,” said Hamid Panahi, IPA senior vice president.
Wadlund, Panahi, and IPA’s Steve Gebing and Cliff David represented Bridge Investment Group, the seller, and procured Investors Capital Group, the buyer.
Built in 2008, the property’s stylish interiors feature fully equipped kitchens, granite countertops, in-unit washers and dryers, nine-foot ceilings, large walk-in closets, and private patios or balconies. Refreshed community amenities include an expansive leasing office, a business center, a resort-style swimming pool, a clubhouse, a fitness center, covered parking, and 70 private, detached garages.
For more information, contact the Office of Institutional Property Advisors at 520-719-6525.
To learn more, see RED Comp #11401.