IPA Negotiates $54.5M Sale of Sundown Village Multifamily Community in Tucson

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Sundown Village, a multifamily property located in Tucson. HSL Properties sold the asset to APRA Capital for $54.4 million, or $165,000 per unit.

Built in 1984 and renovated in 1994, Sundown Village features 330 apartments, three swimming pools, a hot tub, barbecue and picnic areas, a clubhouse and 24-hour emergency maintenance service.

Hamid Panahi, Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.