Institutional Property Advisors closes $53.9 million Tucson apartment asset sale
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Peaks at Redington, a 301-unit multifamily asset in Tucson, Arizona. The $53.9 million sales price represents $179,070 per unit.
“Peaks at Redington is poised for long-term rental demand due to Tucson’s steady employment growth and lack of new multifamily development in the submarket,” said Clint Wadlund, IPA senior vice president. “These conditions led to an ideal investment for our buyer who is entering the Tucson multifamily market for the first time.”
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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.