Institutional Property Advisors Brokers Multifamily Asset Sale in Tucson
TUCSON, Ariz., Sept. 3, 2025 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale of Casa Estrella del Norte, a two-story, 196-unit multifamily asset in Tucson, Arizona.
“All units were delivered vacant, giving the buyer the opportunity to implement a comprehensive restoration program tailored to fit their investment strategy,” said Hamid Panahi, IPA senior managing director. “Once repositioned, the property will be poised to benefit from strong rental demand and substantial upside in one of the city’s most enduring and resilient submarkets, where multifamily occupancy has historically been 94%,” said Clint Wadlund, IPA managing director. Wadlund, Panahi, and IPA’s Steve Gebing and Cliff David represented the seller and procured the buyer,
The property is in the Central Tucson/University submarket close to Interstate 10, the University of Arizona (U of A), Pima Community College’s downtown campus, and Downtown Tucson. Retail and dining are within a short drive at the Tucson Mall, El Con Center, and Tucson Marketplace at the Bridges. Within a five-mile radius, there are over 4,700 employers. Tucson’s top employers include U of A, Raytheon, Davis-Monthan Air Force Base, Banner Health, and Tucson Medical Center.
Built in 1959 on 7.4 acres, Casa Estrella del Norte is an eight residential building property with a standalone clubhouse. The unit mix is all studios and one-bedroom apartments. The average unit size is 378 square feet.
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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.