Institutional Property Advisors Brokers Sale and Arranges Financing for Two Multifamily Assets in Tucson
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.