Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced the sale of CIRC Tucson, a 368-unit multifamily property in Tucson, Arizona.
“CIRC Tucson is well-positioned within Casas Adobes, one of the most affluent and highest barrier-to-entry submarkets in the Tucson MSA and provides significant economies of scale for the buyer as an addition to their growing Northwest Tucson portfolio,” said Clint Wadlund, IPA managing director. “Limited land availability, topographic challenges, and elevated development costs contribute to building constraints within the submarket and promote elevated demand moving forward,” said Hamid Panahi, IPA senior managing director investments. Wadlund, Panahi, and IPA’s Steve Gebing and Cliff David represented the seller and procured the buyer.
CIRC Tucson is located along Orange Grove Road, a major transportation corridor with a recently completed Interstate 10 interchange. In addition to Interstate 10 access, Orange Grove Road gives residents access to Oracle Road and Skyline Drive, two direct transportation routes to employment corridors, dining, retail, and entertainment. Northwest Medical Center is less than one-half mile from the property and Uptown, Tucson’s first high-density urban village, is within a five-minute drive.
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.
