Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Elevate, a 144-unit apartment property in Tucson, Arizona. The asset traded for $21.8 million, or $151,389 per unit.
“Previous ownership enhanced all the common area amenities and implemented a two-tiered interior renovation program,” said Clint Wadlund, IPA senior director. “A multifamily asset like Elevate will continue to attract prospective residents with its attractive amenities and convenient location in East Tucson,” added Hamid Panahi, IPA senior vice president. Wadlund, Panahi, Steve Gebing, Cliff David and Lane Schwartz of Marcus & Millichap represented the seller, Sheiner Group/Living Well Homes, and procured the buyer.
The property is close to Tucson’s historic Old Spanish Trail, which gives residents easy access to the Broadway Boulevard corridor and Tucson’s Eastside. Notable nearby employers include Afni, the Davis-Monthan Air Force Base, Agero, Alorica, and the University of Arizona Tech Park at Rita Road. There are approximately 44,400 jobs within a five-mile radius.
Constructed 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, oversized/walk-in closets and all-electric kitchens. The average unit size is 817 square feet.