Skip to content

Call Us Today
(520) 877-2656

  • Home
  • Sales
    • 1st Quarter Sales
    • 2nd Quarter Sales
    • 3rd Quarter Sales
    • 4th Quarter Sales
  • Leases
  • Advertise
  • Subscribe
  • Listings
  • Login
Menu
  • Home
  • Sales
    • 1st Quarter Sales
    • 2nd Quarter Sales
    • 3rd Quarter Sales
    • 4th Quarter Sales
  • Leases
  • Advertise
  • Subscribe
  • Listings
  • Login

Institutional Property Advisors Negotiates Tucson Multifamily Sale

  • Home
  • 4th Quarter Sales
  • Institutional Property Advisors Negotiates Tucson Multifamily Sale
4th Quarter Sales
/
November 18, 2022
/
Real Estate Daily News Service
image_pdfimage_print

TUCSON, Ariz., Nov. 18, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Elevate, a 144-unit apartment property in Tucson, Arizona. The asset traded for $21.8 million, or $151,389 per unit.

Clint Wadlund, Hamid Panahi, Steve Gebing, Cliff David and Lane Schwartz of Marcus & Millichap (Tucson) represented the seller, Sheiner Group/Living Well Homes, and procured the buyer.

“Previous ownership enhanced all the common area amenities and implemented a two-tiered interior renovation program,” said Clint Wadlund, IPA senior director. “A multifamily asset like Elevate will continue to attract prospective residents with its attractive amenities and convenient location in East Tucson,” added Hamid Panahi, IPA senior vice president.

The property is close to Tucson’s historic Old Spanish Trail, which gives residents easy access to the Broadway Boulevard corridor and Tucson’s Eastside. Notable nearby employers include Afni, the Davis-Monthan Air Force Base, Agero, Alorica, and the University of Arizona Tech Park at Rita Road. There are approximately 44,400 jobs within a five-mile radius.

Constructed in 1985 on four acres, Elevate is a three-story, six-building property with a business center, swimming pool, and fitness center. Apartments have private balconies or patios, oversized/walk-in closets and all-electric kitchens. The average unit size is 817 square feet.

To learn more, see RED Comp #10300.

Share Now!

Recent Posts

  • Arizona Motel Sells to Casa Maria for Affordable Housing in South Tucson
  • High Street Residential Completes Construction on 310-unit Smith & Rio in Tempe
  • Tucson Metro Chamber Supports Proposition 496 to Invest in Public Schools
  • Lennar Arizona Closes on $11.5 Million Purchase of 148 Finished Lots in Gladden Farms, Marana, AZ
  • High-profile medical office building trades for $23.3M in the greater Phoenix area

Archives

Newsletter

  • 1st Quarter Sales
  • 2020 SoAZ Forecast Competition
  • 2nd Quarter Sales
  • 3rd Quarter Sales
  • 4th Quarter Sales
  • 5905 East Speedway Blvd, Tucson, AZ
  • Account
  • Advertising
  • Annual Site Access Conditions
  • Archives
  • ASP Test
  • displaycomp
  • Executives Prefer CCIM
  • HELP WANTED
  • Home
  • Ina Capital Development
  • Link Page
  • Login
  • MARKET LEADERS – CCIM DESIGNEES
  • Newsletter Subscription
  • Pima County Real Estate Research Council
  • Privacy Policy
  • RED Comps Terms and Conditions
  • Red Leases
  • Registration-Login
  • rss
  • Sample RED Comps
  • Search Comps
  • searchanalytics
  • searchmapselection
  • searchresults
  • searchshortreport
  • SearchTool
  • Southgate Commerce Park
  • Subscription
  • Team Management
  • Terms of Service
  • Test
  • Test Comp Search
  • Thank You
  • Thank You For Subscribing
  • www.realestatedaily-news.com Privacy Policy
  • About Real Estate Daily News

Copyright © 2023 Real Estate Daily News
Website by: Heart and Soul Web Design

Scroll to Top