Institutional Property Advisors Brokers Tucson Multifamily Asset Sale
September 08, 2023
TUCSON, Ariz., Sept. 8, 2023 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Juniper Canyon, a 140-unit multifamily asset in Tucson, Arizona.
“Renter demand for Juniper Canyon has led to strong operational momentum, evidenced by 97% average physical occupancy over the past 12 months,” said Clint Wadlund, IPA senior director.
“Enhancements under previous ownership solidified this asset as a high-quality community within the submarket, affording residents increased living standards mixed with a convenient location they desire,” added Hamid Panahi, IPA senior vice president. Wadlund, Panahi, and IPA’s Art Wadlund, Steve Gebing and Cliff David represented the seller, and procured the buyer.
“The Tucson multifamily market is supported by the city’s dependable infrastructure, proximity to other major Western markets, and local government’s long-term planning and strategic public-private partnerships with companies like Raytheon,” said Panahi.
The property is close to Interstate 10 and Oracle Road/State Route 77, giving residents access to a majority of Tucson’s employers.
“Renter demand for Juniper Canyon has led to strong operational momentum, evidenced by 97% average physical occupancy over the past 12 months,” said Clint Wadlund, IPA senior director.
“Enhancements under previous ownership solidified this asset as a high-quality community within the submarket, affording residents increased living standards mixed with a convenient location they desire,” added Hamid Panahi, IPA senior vice president. Wadlund, Panahi, and IPA’s Art Wadlund, Steve Gebing and Cliff David represented the seller, and procured the buyer.
“The Tucson multifamily market is supported by the city’s dependable infrastructure, proximity to other major Western markets, and local government’s long-term planning and strategic public-private partnerships with companies like Raytheon,” said Panahi.
The property is close to Interstate 10 and Oracle Road/State Route 77, giving residents access to a majority of Tucson’s employers.
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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.