TUCSON, Arizona – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Peaks at Redington, a 301-unit multifamily asset in Tucson, Arizona. The $53.9 million sales price represents $179,070 per unit.
“Peaks at Redington is poised for long-term rental demand due to Tucson’s steady employment growth and lack of new multifamily development in the submarket,” said Clint Wadlund, IPA senior vice president. “These conditions led to an ideal investment for our buyer who is entering the Tucson multifamily market for the first time.”
“The property gives our buyer the opportunity to accelerate asset performance with apartment interior renovations, as 100% of the units are in their original, classic condition,” added Hamid Panahi, IPA senior vice president. Wadlund, Panahi, and IPA’s Steve Gebing and Cliff David represented the seller, SB Pacific Group, and procured the buyer, MF Asset Management.
Located along Central Tucson’s main retail corridor, Speedway Boulevard, the property is easily accessible from Interstate 10, a short drive from the University of Arizona and 14 miles from Tucson International Airport. Eastridge Plaza, Saguaro Vista and Speedway & Pantano Square are within walking distance. There are over 52,000 jobs within five miles with employers such as Tucson Medical Center, Agero, ADP, Walmart, St. Joseph’s Hospital, and Texas Instruments.
Constructed in 1980 on 10 acres, Peaks at Redington has a swimming pool, bocce ball court and outdoor fitness equipment. Apartments have nine-foot ceilings, dishwashers and balconies or patios. The average unit size is 722 square feet.