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.