Institutional Property Advisors (IPA), a division of Marcus & Millichap, has announced the sale of Peaks at Redington, a 301-unit multifamily property in Tucson, Ariz., to Greenwater Real Estate Management. The $32 million sales price equates to $106,312 per unit.
“Tucson’s diverse economic base and long-term fundamentals, combined with the property’s scale and strategic location, made this a particularly compelling opportunity,” said Hamid Panahi, IPA senior managing director investments.
“This transaction underscores the depth of investor demand for well-located multifamily opportunities in Tucson, particularly assets with a clear path to operational and physical repositioning,” said Clint Wadlund, IPA senior managing director investments.
Wadlund and Panahi represented the seller in the disposition of the lender-owned asset and procured the buyer.
Constructed in 1980, Peaks at Redington features one- and two-bedroom units averaging 722
