Dealmaker: IPA Negotiates $22M Tucson Multifamily Sale

(Elevate, Tucson, Ariz.)

Institutional Property Advisors, Ontario, Calif., sold a 144-unit apartment property in Tucson, Ariz., for $21.8 million, or $151,389 per unit.

IPA Senior Directors Clint Wadlund and Steve Gebing, Senior Vice President Hamid Panahi, Executive Managing Director Cliff David and Marcus & Millichap Senior vice President of Investments Lane Schwartz represented seller Sheiner Group/Living Well Homes, Westmount, Quebec, and procured the buyer.

Wadlund noted the seller enhanced the property’s common-area amenities and implemented a two-tiered interior renovation program.

The property, called Elevate, sits close to Tucson’s historic Old Spanish Trail, granting residents access to the Broadway Boulevard corridor and Tucson’s Eastside. Large employers nearby include the Davis-Monthan Air Force Base and the University of Arizona Tech Park at Rita Road.

Built in 1985 on four acres, Elevate is a three-story, six-building property with a business center, swimming pool and fitness center. Apartments have private balconies or patios and average 817 square feet.