IPA Sells Valley View Multifamily Asset in Tucson for $24.75 Million

Valley View Apartments, 5025 N 1st Ave, Tucson

TUCSON, Ariz. – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of Valley View Apartments, a 304-unit multifamily asset in the Catalina Foothills area of northern Tucson, Arizona. The $24.75 million sales price equates to $81,414 per unit.

“Valley View represents an excellent opportunity to refresh and modernize a well-located apartment property within a prosperous community,” says Hamid Panahi, first vice president investments with Marcus & Millichap. “The acquisition is part of an investment strategy that allowed the buyer to create scalable growth at a robust pace by acquiring 831 units in 36 months.”

Panahi, Lane Schwartz and IPA senior managing directors Steve Gebing and Cliff David procured the buyer, a private investment entity based in Beverly Hills, California. The seller is Northland Investment Company.

Built in 1979 on more than 11 acres, Valley View Apartments is approximately five miles from central Tucson. The property is close to Rillito River Walk Park and near access to Arizona State Route 77, Interstate 10 and Interstate 19. The Catalina Foothills area is one of the most prestigious and affluent communities in Arizona and home to La Encantada, the largest upscale shopping center in the Tucson metropolitan area.

For more information, Panahi can be contacted at 520.719.6511.




$20.5 Million Buys Tucson Value-Add Multifamily Asset

River Oaks (courtesy photo)

TUCSON, Arizona– Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of River Oaks Apartments, a 300-unit apartment complex in Tucson, Arizona. The $20.5 million sales price equates to $68,333 per unit.

Completed in 1982, River Oaks features a mix of studio, one-, and two-bedroom apartment homes with a weighted average unit size of 707-square-feet.

“The previous owner repositioned the living spaces of 20 units, and as result achieved a higher monthly rent premium,” says Hamid Panahi, first vice president investments. “The success of these improvement programs facilitates the opportunity for new ownership to continue implementing select interior finish upgrades, capitalize on resident demand and maximize revenue.”

Panahi, Steve Gebing, senior managing director, and Cliff David, senior managing director, represented the seller, HSL Properties, and procured the buyer, Stoneweg.

Located along East Broadway Boulevard, River Oaks is surrounded by the Central Tucson Office Corridor, a nearly five million-square-foot concentration of office space that houses the Williams Centre and 5151 East Broadway office complexes and is home to major Tucson employers such as ASARCO Mining, 3M Motor Vehicle Systems, and IBM. Broadway Plaza, a 331,550-square-foot shopping center is directly across from the property, and the Broadway Corridor, a one-million-square-foot stretch of retail is nearby.

For additional information, Panahi should be reached at 520.719.6511.




The Ledges at West Campus in Tucson Sold for $23 Million

The Ledges at West Campus in Tucson Sold for $23 Million

TUCSON, Arizona — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of The Ledges at West Campus, a 205-unit apartment property in Tucson, Arizona. The $23 million sales price equates to $112,195 per unit.

“Previous ownership improved the presentation of the property and minimized capital cost exposure for new ownership by investing significantly in exterior and interior enhancements,” says Hamid Panahi, first vice president investments. “New ownership will have the opportunity to continue the programmatic implementation of select interior finish upgrades to optimize resident demand and maximize rent revenue.”

Panahi, Steve Gebing, senior managing director, and Cliff David, senior managing director, represented the seller, Aspen Square Management, and procured the buyer, a private investor.

The property is located near the large student populations centered around Pima Community College’s West and Downtown campuses and the University of Arizona. Interstate 10 is 1.5 miles away and a Tucson Sun Link streetcar station is within 2.5 miles. The West University neighborhood is three miles east of the community.

Developed in 1997, The Ledges at West Campus features one- and two-bedroom apartment homes and four-bedroom townhomes. The weighted average unit size is 1,123 square feet.

For additional information, Panahi should be reached at 520.719.6511.