Institutional Property Advisors Closes 256-Unit Tucson Multifamily Asset Sale

TUCSON, Ariz., (Jan. 11, 2024) – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of The Place at Spanish Trail, a 256-unit multifamily asset in Tucson, Arizona that sold for $33 million ($129,000 per unit).

The transaction closed on December 20, 2023.

“Tucson’s population growth is expected to continue over the next five years, which should sustain the city’s historically high multifamily rent and occupancy rates,” said Clint Wadlund, IPA senior director. “The prior owners of The Place at Spanish Trail completed significant interior, exterior, and common area renovations, giving the buyer opportunity to further enhance value by renovating the remaining classic unit interiors and selectively enhancing community amenities,” said Hamid Panahi, IPA senior vice president. Wadlund, Panahi, and IPA’s Steve Gebing and Cliff David represented the seller and procured the buyer.

The property is near Broadway Boulevard, Tucson’s major east/west thoroughfare. Retail and dining are nearby at the Old Spanish Trail Crossing and Old Spanish Trail Marketplace shopping centers, and The Loop Recreational Trail is close by. Among the 2,000 employers within a five-mile radius are St. Joseph’s Carondelet Hospital, Davis-Monthan Air Force Base, UA Tech Park at Rita Road, Tucson Unified School District, and Northwest Medical Center Houghton.

Completed in 1979, upgrades to the majority of The Place at Spanish Trail’s one- and two-bedroom units include white Shaker-style cabinet fronts, new appliances, wood-plank laminate flooring, and new electrical and plumbing fixtures. The community-wide improvements include custom-built barbecue areas, a renovated clubhouse with a full kitchen and coffee station, a renovated fitness area, Amazon package lockers, a new pool fence and furniture, and an entry gate.

To learn more, see RED Comp #11046.