TUCSON, Ariz. – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Domain 3201, a 289-unit multifamily asset in the Casas Adobes area of suburban Tucson. The property sold for $37.75 million, or $130,623 per unit.
“Situated within the affluent desert landscape of the Casas Adobes region, Domain 3201 gives residents direct access to the rapidly evolving professional and lifestyle amenities of North Tucson,” said Hamid Panahi, IPA first vice president. “Strong local demographics include average household income of $72,500 and the average price of a single-family home is $225,000.” Steve Gebing and Cliff David, IPA senior managing directors and Panahi represented the seller, Aspen Square Management and procured the buyer, Investors Capital Group.
The property has approximately 630 linear feet of frontage along West Ina Road, North Tucson’s main east-west thoroughfare, and is 3.4 miles from Oracle Road. Less than two miles from Domain 3201, the Interstate 10/Ina Road onramp gives residents access to the employers located along the highway, including Raytheon, Caterpillar, and the Davis-Monthan Air Force Base. Two major mixed-use projects, the 51-acre Foothills Mall redevelopment and the 21-acre Shops at Cortaro development are two and five miles away, respectively. Constructed on more than 12 acres between 1985 and 1990, Domain 3201 has three resort-style swimming pools, spas, poolside cabanas, picnic areas and a full-size tennis court.