TUCSON, Arizona – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Metro Tucson, a 232-unit multifamily property in Tucson, Arizona. The asset sold for $38.5 million, which represents $165,948 per unit.
Located at 3985 N Stone Avenue in Tucson, the property sits on the southwest corner of Stone and Roger Road in Midtown Tucson and closed on July 20, 2022.
“Metro Tucson apartments is poised to benefit from the continued surge in Pima County’s post-pandemic net in-migration and lack of new multifamily supply,” said Hamid Panahi, IPA senior vice president. “It is expected that from August 2021 through 2022, Pima County will grow by more than 10,000 residents.”
“Metro Tucson apartments is supported by more than 106,300 jobs and over 4,300 employers within a five-mile radius,” added Clint Wadlund, IPA senior director. “The buyer is in position to benefit from the city’s strong demographics and favorable multifamily fundamentals by continuing and expanding the property’s interior renovation program. At the time of the sale, 22 units, about 9% of the apartments, had received upgrades.” Panahi, Wadlund, and IPA’s Steve Gebing and Cliff David represented the seller, a private party, and procured the buyer, Vertical Street Ventures.
Constructed in 1984, Metro Tucson apartments is within a half-mile of Oracle Road, Tucson’s major north-south retail and employment corridor. The location gives residents easy access to Downtown Tucson, Oro Valley, Interstate 10, and North-Central Tucson. Among the notable employers in the area are Comcast, Target, Beacon Group, Securitas, and Banner University Medical Center.
Metro Tucson is a garden-style asset with nine residential buildings, a swimming pool, laundry facilities, and pet areas. Apartment amenities include wood-style vinyl plank flooring, dishwashers and private patios or balconies. Select units have been upgraded with stainless-steel appliances, carpeting in the living spaces and bedrooms, and kitchen cabinetry with brushed nickel hardware. The average unit size is 640 square feet.