TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has negotiated the $90 million sale of a two-property, 560-unit multifamily portfolio in Tucson.
The Equestrian is a 288-unit complex that sold for $47.7 million, or $165,625 per unit. Ridgeline is a 272-unit property that traded for $42.5 million, or $156,250 per unit. The Equestrian and Ridgeline were built in 2008 and 2002, respectively, and are located one mile apart from each other on West Linda Vista Boulevard on the city’s northwest side.
Equestrian consists of 18 residential buildings housing one-, two- and three-bedroom apartments. Units feature an average size of 900 square feet, as well as individual washers and dryers and private balconies/patios. Amenities at Equestrian include a pool, grilling stations, fitness center, business center and a spa.
Ridgeline consists of 17 residential buildings on a 13-acre site. Units also come in one-, two- and three-bedroom formats and have an average size of 821 square feet. Communal amenities include two pools and spas, a fitness center and a resident clubhouse.
Hamid Panahi, Steve Gebing and Cliff David of IPA represented the seller, Bascom Arizona Ventures, in the transaction. The trio also procured the buyer, Bridge Investment Group, which plans to implement a value-add program focused on unit interiors.
“Job growth and economic development should not be overlooked in Tucson, with tremendous momentum in the aerospace/defense, high technology, bioscience, healthcare, mining technology and logistics sectors,” says Gebing. “There’s a reason internationally recognized companies like Raytheon, Caterpillar and Amazon are attracted to the market.”
Marcus & Millichap’s stock price opened at $36.85 per share on Monday, Dec. 21, down slightly from $37.79 per share a year ago.
— Taylor Williams