TUCSON, Ariz., March 15, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of The Peak at Oro Valley, a 330-unit multifamily property in Tucson, Arizona that sold for $59.8 million ($181,212 per unit / $212 PSF) according to public records. The transaction closed on March 8, 2024.
Clint Wadlund and Hamid Panahi with IPA (Tucson) handled the transaction.
“With strong resident demand and robust operational performance, The Peak at Oro Valley is an excellent multifamily asset located in one of the strongest rent growth submarkets in Tucson,” said Clint Wadlund, IPA senior director. “The community offers a quality living environment and is strategically located to capitalize on the expanding job opportunities in thriving industries such as technology, engineering and healthcare,” added Hamid Panahi, IPA senior vice president. Wadlund, Panahi, and IPA’s Steve Gebing and Cliff David represented the seller and procured the buyer.
Easily accessible from Arizona State Route 77, the property is a short drive from dining, shopping, and entertainment at Plaza Escondida, Entrada de Oro, and Oracle Crossings. Nearby employers include Pima Community College and Carondelet Medical Group.
Built in two phases 1984 and 1994 on 15 acres, The Peak at Oro Valley has a mix of one-, two- and three-bedroom apartments that average 848 square feet. Each unit has a washer and dryer, wood-style flooring, balcony, and walk-in closet. Community amenities include three swimming pools, a new fitness center, a dog wash spa, covered parking, on-call maintenance, and picnic areas.
For more information, Wadlund can be reached at 520.615.1100 and Panahi is at 520.719.6511.
To learn more, see RED Comp #11180.