TUCSON—Tax Credit Group of Marcus & Millichap has closed a two-property, 425-unit multifamily portfolio transaction in Tucson. Combined, the properties encompass a total of 405,904 square feet. The total sales price for the portfolio is $19.5 million.
The two properties are Casa de Colinas Apartments/Casa de Colinas Townhomes, a 205-unit market-rate asset that sold for $12,750,000, which equates to $62,195 per unit, and Mission Tierra, a 220-unit property constructed in 1993 under the Section 42 low income housing tax credit program. Mission Tierra's initial tax credit compliance period ended in 2008 and there are extended use restrictions in place until 2023. The apartment complex sold for $6,825,000 or $31,023 per unit.
Robert Sheppard, an executive vice president investments and TCG's national director, along with Armand Tiberio and Spencer Hurst, both TCG senior directors, and Hamid Panahi, a senior associate in Marcus & Millichap's Phoenix office, represented all the principals in both sales. Cliff David, a Marcus & Millichap vice president investments, and Steve Gebing, a senior director with Institutional Property Advisors, a Marcus & Millichap company, both located in the firm's Phoenix office, also provided representation.
“The properties are located in two of Tucson's most desirable submarkets,” says Panahi. “Both assets are well positioned for future growth as the local job market picks up speed. Demand for rental housing in Tucson is strong and average rents have advanced for four years consecutively.”
Both properties offer one-, two-, and four-bedroom floor plans. Interiors feature balcony or patio space, ample storage, and well-equipped kitchens. Select units have washer and dryer connections. Community amenities for each property include a clubhouse, two heated swimming pools and a spa, on-site laundry facilities, a children's playground, covered parking and a barbecue area.
Built in 1998 on 23.8 acres, Casa de Colinas is located in Tucson's western foothills, minutes from Interstate 10 and downtown. Mission Tierra is situated on 10.7 acres near Interstate 19 with access to downtown Tucson and the Tucson International Airport.
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