Institutional Property Advisors Closes $63.25 Million Tucson Apartment Asset Sale
TUCSON, Ariz., Nov. 9, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Lakeside Casitas, a 310-unit multifamily property in Tucson, Arizona. The asset traded for $63.25 million, which equates to $204,032 per unit.
“Located in a market that benefits from the competitive shelter of future multifamily supply, Lakeside Casitas is poised for revenue growth from strategic common area and interior renovations,” said Hamid Panahi, IPA first vice president. Panahi and IPA’s Steve Gebing and Cliff David represented the seller, Monarch Investment and Management Group, and procured the buyer, Bridge Investment Group.
The property is accessible from Tucson’s two major thoroughfares, Interstate 10 and Interstate 19, which provide access to Oro Valley, Green Valley, Vail, Downtown Tucson and Tucson International Airport. Residents have direct access to one of Tucson’s main economic drivers, Davis-Monthan Air Force Base. Other nearby employers are Alorica, Agero, TuSimple, and Amazon. Built in 1983 on 21 acres, Lakeside Casitas’s community amenities include a business center, pool and spa, koi pond and covered parking. Apartments have open concept living areas, washers and dryers, oversized walk-in closets, and private patios. The average unit size is 894 square feet.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com