Stoneweg Buys 300-Unit Apartment Complex in Tucson for $20.5M

TUCSON, ARIZ. — Stoneweg has acquired the 300-unit River Oaks Apartments in Tucson for $20.5 million. The community is situated along East Broadway Boulevard.

River Oaks is surrounded by the Central Tucson Office Corridor, a 5 million-square-foot concentration of office space. The corridor is home to the Williams Centre and 5151 East Broadway office complexes, along with employers like ASARCO Mining, 3M Motor Vehicle Systems and IBM.

Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors represented both the buyer and seller, HSL Properties, in this transaction.