Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Port Royale, a 252-unit multifamily property in Sierra Vista, Arizona. The asset sold for $30 million, which represents $119,048 per unit.
“Southern Arizona, defined by its strong healthcare, high-tech manufacturing and defense industries, is one of the fastest-growing regions in the state,” said Hamid Panahi, IPA first vice president. “Port Royale is a prime candidate for interior renovations as the large majority of the unit interiors feature original finishes.” Panahi, Steve Gebing and Cliff David, IPA executive managing directors, represented the seller, Bascom Arizona Ventures, and procured the buyer, Element Property Company.
Constructed in 2004 and 2008 on 13 acres, the 18-building property is close to Arizona State Route 90, the University of Arizona South, Cochise College, and Karshner Caverns. Shopping is nearby at the Plaza Vista Mall, Cochise Crossroads, and Hastings Center. Sierra Vista’s major employers include Fort Huachuca and Canyon Vista Medical Center.