Tucson Asset Trades for $23M
Institutional Property Advisors arranged the sale of the 205-unit community, which received substantial upgrades from the previous owner and will undergo further improvements by the new owner.
By Tudor Scolca
Aspen Square Management has sold the 205-unit Ledges at West Campus in Tucson, Ariz. Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the transaction and procured the buyer, a private investor.
The apartment community is located at 2162 W. Speedway Blvd. It comprises 28 one-bedroom and 70 two-bedroom units, as well as 107 four-bedroom townhouses. The units range in size from 646 to 1,378 square feet. Common amenities include a clubhouse, children’s playground, swimming pool, spa and laundry facilities.
The new owner plans to continue making upgrades to the property, according to IPA.
“Previous ownership improved the presentation of the property and minimized capital cost exposure for new ownership by investing significantly in exterior and interior enhancements. New ownership will have the opportunity to continue the programmatic implementation of select interior finish upgrades to optimize resident demand and maximize rent revenue,” said Hamid Panahi, first vice president of investments at IPA, in a prepared statement.
The asset is located about five minutes away from the intersection of W. Speedway Boulevard and N. Silverbell Road, which offers several shopping and dining options. It is also a five-minute drive from Pima Community College’s West campus, while The University of Arizona can be reached by car in 15 minutes.
Also in Arizona, IPA recently arranged the $40.4 million sale of a community in Phoenix.
Image courtesy of Institutional Property Advisors