IPA Facilitates $38M Sale of Tucson Community
- Jul 17, 2019
Investors Capital Group has acquired Domain 3201, a 289-unit community in Tucson, Ariz. Aspen Square Management sold the asset for $37.8 million. Institutional Property Advisors procured the buyer and represented the seller in the transaction.
Domain 3201 is located at 3201 W. Ina Road, in Tucson’s Casas Adobes region. The community comprises 138 one-bedroom, 142 two-bedroom and eight three-bedroom units, ranging from 645 to 1,082 square feet. Common-area amenities include a fitness center, business center, clubhouse, tennis court, playground, swimming pools, spas and 600 parking spaces. According to Yardi Matrix, Domain 3201 was 96 percent occupied as of June, while monthly rents average $924.
The community features more than 600 feet of frontage along West Ina Road, a major thoroughfare. Nearby, several shopping and dining destinations can be found, including Foothills Mall, which is currently undergoing a 51-acre mixed-use transformation. Large nearby employers include Raytheon, Caterpillar and the Davis-Montham Air Force Base.
IPA’s team included First Vice President Hamid Panahi and Senior Managing Directors Steve Gebing and Cliff David. Recently, the team facilitated another Arizona multifamily deal, the $35 million sale of Del Sol Apartments, in Scottsdale.