Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Equinox on Prince, a 114-unit multifamily asset in Tucson, Arizona. The property sold for $21.1 million, which equates to $185,088 per unit.
Clint Wadlund, IPA senior director, and IPA’s Hamid Panahi, Steve Gebing and Cliff David represented the seller, Waahe Capital, and procured the buyer, Vertical Street Ventures.
“Waahe Capital produced a strong investment return through large capital infusions into interior renovations, common area enhancements, effective rebranding and enhanced community marketing of the Equinox brand,” said Panahi. “Vertical Street Ventures will continue to increase their investment upside through continued multi-tiered interior renovations and capitalizing on Tucson’s macro trends, most notably the city’s multifamily housing supply and demand imbalance,” added Wadlund.
Equinox on Prince is located in Central Tucson near Campbell Avenue, which provides quick access to Banner University Medical Center and the University of Arizona. The nearby Prince Road retail corridor gives residents immediate proximity to grocery, dining, and entertainment options. There are more than 20,000 jobs and nearly 825 employers within a five-mile radius of the property. Tucson’s major employers include Geico, Caterpillar, Amazon, Raytheon and the Davis-Monthan Air Force Base.
Built in 1964 on nearly five acres, the property is a 23-residential building complex with two swimming pools, a playground, dog park and laundry facilities. Upgraded unit interiors have white Shaker-style cabinets, stainless steel appliances and spacious closets. Select apartments have balconies and backyards. The average unit size is 654 square feet.