Institutional Property Advisors Closes The Place at 2120 Sale in Tucson

TUCSON, Ariz., (Oct. 21, 2026) – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, has announced the sale of The Place at 2120, a 202-unit multifamily property in Tucson, Arizona. The asset traded for $18.05 million, or $89,356 per unit.

“Tucson’s affordability, diversified employment base, and long-term housing demand continue to make it an attractive market for multifamily investments, including assets like The Place at 2120,” said Hamid Panahi, IPA senior managing director investments. “Economic development in the submarket, such as the forthcoming Casino Del Sol Vahi Taa’am, is quantifiably increasing the employment base, and infrastructure improvements are improving connectivity to employers, retail destinations, and lifestyle amenities,” said Clint Wadlund, IPA senior managing director investments. Panahi and Wadlund represented the seller, The Founders Group and procured the buyer, AndMark.

The property is on Silverbell Road, near Grant Road and Interstate 10, which lead to employment hubs throughout Tucson. The city’s major employers include Davis-Monthan Air Force Base, the University of Arizona, Raytheon, Banner Health, and Tucson Medical Center. Downtown Tucson is nearby, with a variety of dining, shopping, and entertainment options available at Tucson Premium Outlets, Tucson Mall, and La Encantada.

Built in 1986, on over seven acres, The Place at 2120 is a 12-building property with one-, two- and three-bedroom floor plans. Previous ownership upgraded approximately 90% of the unit interiors with white Shaker-style cabinetry, resurfaced countertops, a black appliance package, and modern lighting and plumbing fixtures. Select floor plans have vaulted ceilings and linen closets. Community amenities include a swimming pool and spa, a fitness center dog park, laundry facility, and playground.