Lender Sells Tucson Asset at Steep Discount
The price dropped more than 40 percent compared to its previous sale four years ago.
Greenwater Real Estate Management has acquired Peaks at Redington, a 301-unit asset in Tucson, Ariz., for $32 million from the property’s lender. Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer.
Trez Capital divested the asset after the previous owner provided a deed-in-lieu of foreclosure in January 2026, according to Yardi Matrix data. The latest transaction’s sale price represents a 40.6 percent discount compared to the property’s previous trade four years ago, which clocked in at $53.9 million.
MF Asset Management previously purchased the property in 2022, financing the acquisition with a $44.6 million loan from Trez, the data provider shows.
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Peaks at Redington’s 13 buildings debuted in 1980. Floorplans include one- and two-bedroom layouts averaging 722 square feet. The community may undergo operational and physical repositioning, according to prepared remarks by IPA Senior Managing Director Clint Wadlund.
The property is located at 7700 E. Speedway Blvd., within Tucson’s western submarket. The Speedway Boulevard is among the metro’s primary east-west transportation corridors, which has showcased stable multifamily demand on account of its proximity to employment centers and retail properties, IPA Senior Managing Director Hamid Panahi and Wadlund said in prepared statements.
The two represented Trez Capital in the sale and procured the buyer.
Tucson’s multifamily investment turns heated
During the first quarter of 2026, multifamily investment nearly doubled across Tucson, according to a report by Northmarq. The average price per unit also ticked up 18 percent during the same interval, to $140,900 year-to-date through March. Peaks at Redington changed hands at a price 24.5 percent below the market average.
One of the metro’s largest deals of the year so far closed in January when The Bascom Group paid $53.4 million for Retreat at Speedway. Weidner Apartment Homes divested the asset, located within walking distance of Peaks at Redington.
