TUCSON, AZ (June 17, 2025) -- Olympus Property, a Texas-based multifamily investment and property management firm, has acquired The Place at Arroyo Verde, a newly constructed 156-unit apartment community located at 8150 N. La Cholla Blvd in the Casas Adobes submarket of Tucson, Arizona. The asset was purchased for $37.5 million, translating to $240,385 per unit and $251 PSF. The sale marks Olympus Property’s strategic entry into the Tucson market as part of its broader expansion across high-growth areas in Arizona. The transaction closed on May 29, 2025.
The seller was MC Companies, and the transaction was brokered by Institutional Property Advisors (IPA), a division of Marcus & Millichap. Steve Gebing, Hamid Panahi, Clint Wadlund and Cliff David of IPA represented the seller and procured the buyer. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged acquisition financing for the buyer.
Completed in 2024, the garden-style community features a mix of one-story casitas and two-story walk-up floor plans, with units averaging 956 square feet in size. Interiors offer open-concept layouts, stainless steel appliance packages, interior storage, single French doors, and walk-in showers with custom tile surrounds. Community amenities include a resort-style swimming pool, an oversized sundeck, a fitness center, a clubhouse, grilling stations, covered parking, and gated access.
The Place at Arroyo Verde stands out in the Tucson market for its modern design and prime location. At approximately 30 years newer than the average multifamily property within a three-mile radius, it is a rare addition in the affluent and supply-constrained Casas Adobes submarket, where only 1,870 units have been delivered in the past 25 years. Barriers to entry, including high land costs and lengthy permitting processes, have limited new development in the area.
Situated near Interstate 10, the community provides residents with convenient access to more than 271,000 jobs across key employment hubs, including the University of Arizona, Banner Health, Raytheon, Texas Instruments, Amazon, GEICO, and Caterpillar. Nearby retail and entertainment options include Desert Springs Shopping Center and Tucson Premium Outlets.
For more information, contact Hamid Panahi at (520) 719-6511 or Clint Wadlund at (520) 719-6525.
Reference: RED Comp #11927