Tucson Multifamily Asset Sale Closed by Institutional Property Advisors
“Demand for multifamily assets in Tucson continues to escalate as out-of-state investors seek to benefit from the city’s 21.7% annual rent growth rate, the fourth-highest in the nation,” said Hamid Panahi, IPA senior vice president. Panahi and IPA’s Clint Wadlund, Steve Gebing and Cliff David represented the seller, South Coast Commercial.
“With 100% of its units unrenovated, Canyon Heights offers an increasingly rare blank-canvas value-add opportunity,” added Wadlund. “Original common area amenities and interior finishes provide new ownership with the opportunity to implement a strong renovation program to match current consumer preferences and expectations.”
Constructed in 1982 on five-plus acres, Canyon Heights’ community amenities include covered parking, a swimming pool and a 24-hour fitness center. Apartments have dishwashers, ceiling fans, and views of the Santa Catalina Mountains. Select units offer private balconies and wood grain vinyl flooring.
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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.