IPM Investments Enters Tucson Market with $16M Multifamily Portfolio Acquisition

IPM Investments

Top left: Villa El Con Casitas, right: Royal El Con Apartments; bottom: Royal Palms Apartments.

TUCSON, Ariz. (August 15, 2025) – CBRE has arranged the $16 million ($54,237 per unit) sale of a three-property multifamily portfolio in Tucson totaling 295 units, along with a 2.8-acre multifamily development site. CBRE’s Jeff Casper, first vice president, represented the seller, Desert Ventures LLC. Seattle-based IPM Investments acquired the portfolio, marking its first multifamily purchase in the Tucson market.

The Desert Ventures Portfolio included:

  • Royal Palms Apartments – 136 units built in two phases (1963 & 1965) on 4.13 acres with seven two-story masonry buildings. Recent upgrades include individual roof-mounted heat pumps, upgraded electrical panels, new steel entry doors with keyless entry, and pool renovations in 2017 and 2021.

  • Royal El Con Apartments – 150 units built in 1966 in the Miramonte neighborhood, featuring a mix of one- and two-bedroom units across one-, two-, and four-story buildings.

  • Villa El Con Casitas – 9 casita-style units.

  • Development Site – 2.793 acres zoned for multifamily.

The portfolio is strategically located near the University of Arizona and Banner University Medical Center, two of Tucson’s largest employers. Amenities include two swimming pools and two self-service laundry facilities.

“The portfolio’s strategic infill location and great bones perfectly position the communities for a transformational repositioning,” said Casper.

IPM Investments specializes in identifying, acquiring, and repositioning multifamily communities in the western U.S.

“We are excited to acquire these opportunistic multifamily communities for our expanding portfolio, and we look forward to adding value to the properties for our residents and investors alike,” said IPM Investments founder Frank Hornung. “Tucson has excellent underlying multifamily fundamentals, and we are bullish on the region’s future growth.”

Source: RED Comp #12038.

Photo: Top left: Villa El Con Casitas, right: Royal El Con Apartments; bottom: Royal Palms Apartments.