Institutional Property Advisors Closes Sale and Arranges Financing for Tucson Multifamily Asset
June 13, 2025
TUCSON, Ariz., June 13, 2025 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale and financing of The Place at Arroyo Verde, a 156-unit multifamily asset in the Casas Adobes neighborhood of Tucson, Arizona. The asset traded for $37.5 million, which represents $240,385 per unit.
“Casas Adobes is one of Tucson’s most affluent and highest barrier to entry submarkets,” said Steve Gebing, IPA executive managing director. “Topography constraints, a prolonged permitting process, and the high cost of land, when available, have limited new construction in the property’s competitive landscape to just 1,870 units over the last 25 years. The Place at Arroyo Verde was completed in 2024, which makes it 30 years younger than the average age of multifamily inventory within a three-mile radius.” Gebing and IPA’s Hamid Panahi, Clint Wadlund, and Cliff David represented the seller, MC Companies, and procured the buyer, Olympus Property. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged acquisition financing.
“The combination of a highly experienced sponsor and the property’s exceptional lease-up performance created a compelling financing story that resonated with lenders,” said Chalfant, senior managing director. “That strength translated into highly competitive terms, even in a challenging capital markets environment.”
The property’s proximity to Interstate 10 places residents within easy reach of over 271,000 jobs. Tucson’s employment base includes employers such as the University of Arizona, Banner Health, Raytheon, ADP, Texas Instruments, Carondelet, Amazon, Geico, and Caterpillar. Shopping, dining, and entertainment are nearby at the Desert Springs Shopping Center and Tucson Premium Outlets.
The Place at Arroyo Verde’s garden-style construction features a combination of one-story casitas and two-story walk-up floor plans. The open-concept apartment interiors have stainless steel appliance packages, sizable interior storage space, single French doors, and walk-in showers with custom tile surrounds. The average unit size is 956 square feet. A leasing office and clubhouse anchor the property’s shared amenities, which include a swimming pool, oversized sundeck, fitness center, grilling stations, and covered parking.
“Casas Adobes is one of Tucson’s most affluent and highest barrier to entry submarkets,” said Steve Gebing, IPA executive managing director. “Topography constraints, a prolonged permitting process, and the high cost of land, when available, have limited new construction in the property’s competitive landscape to just 1,870 units over the last 25 years. The Place at Arroyo Verde was completed in 2024, which makes it 30 years younger than the average age of multifamily inventory within a three-mile radius.” Gebing and IPA’s Hamid Panahi, Clint Wadlund, and Cliff David represented the seller, MC Companies, and procured the buyer, Olympus Property. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged acquisition financing.
“The combination of a highly experienced sponsor and the property’s exceptional lease-up performance created a compelling financing story that resonated with lenders,” said Chalfant, senior managing director. “That strength translated into highly competitive terms, even in a challenging capital markets environment.”
The property’s proximity to Interstate 10 places residents within easy reach of over 271,000 jobs. Tucson’s employment base includes employers such as the University of Arizona, Banner Health, Raytheon, ADP, Texas Instruments, Carondelet, Amazon, Geico, and Caterpillar. Shopping, dining, and entertainment are nearby at the Desert Springs Shopping Center and Tucson Premium Outlets.
The Place at Arroyo Verde’s garden-style construction features a combination of one-story casitas and two-story walk-up floor plans. The open-concept apartment interiors have stainless steel appliance packages, sizable interior storage space, single French doors, and walk-in showers with custom tile surrounds. The average unit size is 956 square feet. A leasing office and clubhouse anchor the property’s shared amenities, which include a swimming pool, oversized sundeck, fitness center, grilling stations, and covered parking.
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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.