Institutional Property Advisors Closes Suburban Tucson Multifamily Asset Sale
March 12, 2024
TUCSON, Ariz., March 12, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Peak at Oro Valley, a 330-unit multifamily property in Tucson, Arizona.
“With strong resident demand and robust operational performance, The Peak at Oro Valley is an excellent multifamily asset located in one of the strongest rent growth submarkets in Tucson,” said Clint Wadlund, IPA senior director. “The community offers a quality living environment and is strategically located to capitalize on the expanding job opportunities in thriving industries such as technology, engineering and healthcare,” added Hamid Panahi, IPA senior vice president. Wadlund, Panahi, and IPA’s Steve Gebing and Cliff David represented the seller and procured the buyer.
Easily accessible from Arizona State Route 77, the property is a short drive from dining, shopping, and entertainment at Plaza Escondida, Entrada de Oro, and Oracle Crossings. Nearby employers include Pima Community College and Carondelet Medical Group.
Built in two phases 1984 and 1994 on 15 acres, The Peak at Oro Valley has a mix of one-, two- and three-bedroom apartments that average 848 square feet. Each unit has a washer and dryer, wood-style flooring, balcony, and walk-in closet. Community amenities include three swimming pools, a new fitness center, a dog wash spa, covered parking, on-call maintenance, and picnic areas.
“With strong resident demand and robust operational performance, The Peak at Oro Valley is an excellent multifamily asset located in one of the strongest rent growth submarkets in Tucson,” said Clint Wadlund, IPA senior director. “The community offers a quality living environment and is strategically located to capitalize on the expanding job opportunities in thriving industries such as technology, engineering and healthcare,” added Hamid Panahi, IPA senior vice president. Wadlund, Panahi, and IPA’s Steve Gebing and Cliff David represented the seller and procured the buyer.
Easily accessible from Arizona State Route 77, the property is a short drive from dining, shopping, and entertainment at Plaza Escondida, Entrada de Oro, and Oracle Crossings. Nearby employers include Pima Community College and Carondelet Medical Group.
Built in two phases 1984 and 1994 on 15 acres, The Peak at Oro Valley has a mix of one-, two- and three-bedroom apartments that average 848 square feet. Each unit has a washer and dryer, wood-style flooring, balcony, and walk-in closet. Community amenities include three swimming pools, a new fitness center, a dog wash spa, covered parking, on-call maintenance, and picnic areas.
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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.