Bridge Investment Group Pays $178M for Tucson Community
Institutional Property Advisors arranged the sale of the 826-unit property.
Bridge Investment Group has acquired Hilands, an 826-unit garden-style community in Tucson, Ariz., for $178 million, from Northland. Marcus & Millichap’s Institutional Property Advisors division brokered the transaction.
Built in two phases, in 1985 and 1986, and located on 35 acres, the 41 two- and three-story buildings encompass one- and two-bedroom apartments, averaging 557 square feet. Interiors feature washers and dryers in select units, breakfast bars, French doors, extra storage space and private patios. Common-area amenities include two swimming pools, two spas, two laundry facilities, a fitness center, a clubhouse, a business center, two tennis courts and an air-conditioned racquetball court.
The property is located at 5755 E. River Road, at the intersection of North Craycroft and River roads, 11 miles from downtown Tucson. Residents have access to several golf courses and the community is near the Rillito River Park Trail. Museums, schools and hospitals are all within a few miles.
Senior Vice Presidents Clint Wadlund and Hamid Panahi, Senior Managing Director Art Wadlund, as well as Executive Managing Directors Steve Gebing and Cliff David of Institutional Property Advisors represented the seller and procured the buyer.
Bridge Investment Group and IPA were recently involved in another high-profile sale in the region, the acquisition of a $201.8 million portfolio which included two properties in Phoenix and one in Albuquerque, N.M.