Institutional Property Advisors Brokers Tucson Multifamily Asset Sale
TUCSON, Ariz., Sept. 2, 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 CIRC Tucson, a 368-unit multifamily property in Tucson, Arizona.
“CIRC Tucson is well-positioned within Casas Adobes, one of the most affluent and highest barrier-to-entry submarkets in the Tucson MSA and provides significant economies of scale for the buyer as an addition to their growing Northwest Tucson portfolio,” said Clint Wadlund, IPA managing director. “Limited land availability, topographic challenges, and elevated development costs contribute to building constraints within the submarket and promote elevated demand moving forward,” said Hamid Panahi, IPA senior managing director investments. Wadlund, Panahi, and IPA’s Steve Gebing and Cliff David represented the seller and procured the buyer.
The property is located along Orange Grove Road, a major transportation corridor with a recently completed Interstate 10 interchange. In addition to Interstate 10 access, Orange Grove Road gives residents access to Oracle Road and Skyline Drive, two direct transportation routes to employment corridors, dining, retail, and entertainment. Northwest Medical Center is less than one-half mile from the property and Uptown, Tucson’s first high-density urban village, is within a five-minute drive.
Completed in 1986 on 17 acres, CIRC Tucson is a gated, two-story, garden-style property with two swimming pool areas, a fitness center, package lockers, and electric vehicle charging stations. The average unit size is 829 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.