Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of The Peak at Oro Valley, a 330-unit multifamily property in Tucson, Arizona.
“With strong resident demand and robust operational performance, The Peak at Oro Valley is an excellent multifamily asset located in one of the strongest rent growth submarkets in Tucson,” said Clint Wadlund, IPA senior director. “The community offers a quality living environment and is strategically located to capitalize on the expanding job opportunities in thriving industries such as technology, engineering and healthcare,” added Hamid Panahi, IPA senior vice president. Wadlund, Panahi, and IPA’s Steve Gebing and Cliff David represented the seller and procured the buyer.
Built in two phases 1984 and 1994 on 15 acres, The Peak at Oro Valley has a mix of one-, two- and three-bedroom apartments that average 848 square feet. Each unit has a washer and dryer, wood-style flooring, balcony, and walk-in closet. Community amenities include three swimming pools, a new fitness center, a dog wash spa, covered parking, on-call maintenance, and picnic areas.
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 offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
