Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced the sale of Casa Estrella del Norte, a two-story, 196-unit multifamily asset in Tucson, Arizona.
“All units were delivered vacant, giving the buyer the opportunity to implement a comprehensive restoration program tailored to fit their investment strategy,” said Hamid Panahi, IPA senior managing director. “Once repositioned, the property will be poised to benefit from strong rental demand and substantial upside in one of the city’s most enduring and resilient submarkets, where multifamily occupancy has historically been 94%,” said Clint Wadlund, IPA managing director. Wadlund, Panahi, and IPA’s Steve Gebing and Cliff David represented the seller and procured the buyer,
Casa Estrella del Norte is in the Central Tucson/University submarket close to Interstate 10, the University of Arizona (U of A), Pima Community College’s downtown campus, and Downtown Tucson. Retail and dining are within a short drive at the Tucson Mall, El Con Center, and Tucson Marketplace at the Bridges. Within a five-mile radius, there are over 4,700 employers. Tucson’s top employers include U of A, Raytheon, Davis-Monthan Air Force Base, Banner Health, and Tucson Medical Center.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. 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 our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is 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.
