Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced the sale and financing of The Place at Arroyo Verde, a 156-unit multifamily asset in the Casas Adobes neighborhood of Tucson, Arizona.
“Casas Adobes is one of Tucson’s most affluent and highest barrier to entry submarkets,” said Steve Gebing, IPA executive managing director. “Topography constraints, a prolonged permitting process, and the high cost of land, when available, have limited new construction in the property’s competitive landscape to just 1,870 units over the last 25 years. The Place at Arroyo Verde was completed in 2024, which makes it 30 years younger than the average age of multifamily inventory within a three-mile radius.” Gebing and IPA’s Hamid Panahi, Clint Wadlund, and Cliff David represented the seller, MC Companies, and procured the buyer, Olympus Property. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged acquisition financing.
“The combination of a highly experienced sponsor and the property’s exceptional lease-up performance created a compelling financing story that resonated with lenders,” said Chalfant, senior managing director. “That strength translated into highly competitive terms, even in a challenging capital markets environment.”
The property’s proximity to Interstate 10 places residents within easy reach of over 271,000 jobs. Tucson’s employment base includes employers such as the University of Arizona, Banner Health, Raytheon, ADP, Texas Instruments, Carondelet, Amazon, Geico, and Caterpillar. Shopping, dining, and entertainment are nearby at the Desert Springs Shopping Center and Tucson Premium Outlets.
The Place at Arroyo Verde’s garden-style construction features a combination of one-story casitas and two-story walk-up floor plans. The open-concept apartment interiors have stainless steel appliance packages, sizable interior storage space, single French doors, and walk-in showers with custom tile surrounds. The average unit size is 956 square feet. A leasing office and clubhouse anchor the property’s shared amenities, which include a swimming pool, oversized sundeck, fitness center, grilling stations, and covered parking.
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.
