Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced the sale of Peaks at Redington, a 301-unit multifamily property in Tucson, Arizona. The $32 million sales price equates to $106,312 per unit.
“Tucson’s diverse economic base and long-term fundamentals, combined with the property’s scale and strategic location, made this a particularly compelling opportunity,” said Hamid Panahi, IPA senior managing director investments. “This transaction underscores the depth of investor demand for well-located multifamily opportunities in Tucson, particularly assets with a clear path to operational and physical repositioning,” said Clint Wadlund, IPA senior managing director investments. Wadlund and Panahi represented the seller in the disposition of the lender-owned asset and procured the buyer, Greenwater Real Estate Management.
Constructed in 1980, Peaks at Redington features one- and two-bedroom units averaging 722 square feet. “The efficiently designed units appeal to a broad renter demographic seeking residence in a desirable east-central location,” said Panahi. “The community benefits from direct frontage along Speedway Boulevard, one of Tucson’s primary east–west transportation corridors with approximately 39,000 vehicles per day, providing exceptional visibility and connectivity across the metropolitan area.”
“This established corridor has historically supported stable multifamily demand due to its proximity to employment drivers, retail amenities, and surrounding residential density, positioning the property within a fundamentally strong rental submarket,” said Wadlund.
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offers customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
