Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Canyon Heights, a 196-unit multifamily property in Tucson, Arizona. The property traded for $33 million, or $168,367 per unit.
“Demand for multifamily assets in Tucson continues to escalate as out-of-state investors seek to benefit from the city’s 21.7 percent annual rent growth rate, the fourth-highest in the nation,” said Hamid Panahi, IPA senior vice president. Panahi and IPA’s Clint Wadlund, Steve Gebing and Cliff David represented the seller, South Coast Commercial.
“With 100 percent of its units unrenovated, Canyon Heights offers an increasingly rare blank-canvas value-add opportunity,” added Wadlund. “Original common area amenities and interior finishes provide new ownership with the opportunity to implement a strong renovation program to match current consumer preferences and expectations.”
Constructed in 1982 on five-plus acres, Canyon Heights’ community amenities include covered parking, a swimming pool and a 24-hour fitness center. Apartments have dishwashers, ceiling fans, and views of the Santa Catalina Mountains. Select units offer private balconies and wood grain vinyl flooring.