IPA Negotiates $21.8M Sale of Elevate Apartments in Tucson, Arizona

TUSCON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Elevate, an apartment property in Tucson. Sheiner Group/Living Well Homes sold the asset to an undisclosed buyer for $21.8 million, or $151,389 per unit.

Constructed in 1985, Elevate consists of six three-story buildings offering 144 units, a business center, swimming pool and fitness center. Apartments feature private balconies or patios, oversized/walk-in closets and all-electric kitchens.

Clint Wadlund, Hamid Panahi, Steve Gebing, Cliff David and Lane Schwartz of Marcus & Millichap represented the seller and procured the buyer in the deal.