TUCSON, Ariz., (July 29, 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 Winterhaven Terrace, a 96-unit apartment asset in Tucson’s historic Winterhaven neighborhood. The property sold for $15.7 million, or $163,542 per unit.
“Winterhaven Terrace presented a unique opportunity to acquire a boutique asset with condo-quality finishes and design, offering a compelling value-add opportunity through minor enhancements while benefiting from existing features such as nine-foot ceilings and in-unit washers and dryers,” said Clint Wadlund, IPA senior managing director investments. “The buyer expanded its existing Tucson portfolio through the acquisition of a well-positioned asset, underscoring its confidence in the strength of the submarket,” said Hamid Panahi, IPA senior managing director investments. Wadlund and Panahi represented the seller and procured the buyer.
The property is located near shopping and dining venues at St. Philip’s Plaza, Joesler Village, and the Tucson Mall. Banner-University Medical Center, the University of Arizona, Swire Coca-Cola, and Amazon are nearby. Doolen Middle School and Catalina High School are within proximity, along with the Rillito River Park Trail segment of The Loop, Tucson’s multi-use paved pathway system.
Built in 1986, Winterhaven Terrace has a mix of renovated one- and two-bedroom apartments with all-electric kitchens, stainless-steel appliances, modern cabinetry with brushed nickel pulls, and private patios or balconies. A technology package with internet and Smart Home features was implemented throughout the property. Community amenities include a leasing office, a 24-hour fitness center, a rooftop sundeck, swimming pool, spa, and covered parking.