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Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of a two-property multifamily portfolio in Tucson, Arizona. The properties are Equestrian, a 288-unit complex that sold for $47.7 million, or $165,625 per unit, and Ridgeline, a 272-unit property that traded for $42.5 million, which represents $156,250 per unit.
“Post-2000 constructed multifamily assets like Equestrian and Ridgeline are rarely available in North Tucson,” said Hamid Panahi, IPA first vice president. “These two communities provide new ownership with the opportunity to enhance revenue through the continued implementation of an apartment interior renovation program.” Panahi, along with Steve Gebing and Cliff David, IPA executive managing directors, represented the seller, Bascom Arizona Ventures, and procured the buyer, Bridge Investment Group. “Job growth and economic develo
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