Tucson Asset Trades for $60M
The buyer also assumed the existing Fannie Mae loan.

AHC Funds has acquired The Peak at Oro Valley, a 330-unit multifamily asset in Tucson, Ariz., for $59.8 million from APRA Capital, public records show. The buyer also assumed the existing $44.1 million Fannie Mae loan originated by Walker & Dunlop last May. Institutional Property Advisors brokered the transaction.
APRA had purchased the property in 2021 for $54.5 million from HSL Properties. Constructed in two phases, in 1984 and 1994, the community comprises 23 buildings spread across 15 acres. The unit mix features one-, two- and three-bedroom floorplans ranging between 638 and 1,219 square feet.
Apartments feature a breakfast bar, dishwashers, all-electric kitchens and carpeted floors. Select units include balconies or patios, gas fireplaces, as well as renovated interiors. Community amenities consist of three swimming pools, a spa, a gym, a picnic area and a dog park.
IPA Senior Director Clint Wadlund and Senior Vice President Hamid Panahi, alongside Execute Managing Directors Steve Gebing and Cliff David, represented the seller and procured the buyer.
Expanding Oro Valley’s multifamily market
Located at 8215 N. Oracle Road, the community is roughly 9 miles northwest of Interstate 10 and some 10 miles north of downtown Tucson. The Ridge View Plaza, Plaza Escondida and Entrada de Oro Plaza shopping malls are less than 1 mile away.
The Peak is also less than 6 miles away from the Oro Valley Marketplace, a 100-acre mixed-use redevelopment slated to include two apartment communities, totaling 442 units, as well as an entertainment district, a restaurant cluster and two hotels. The Oro Valley Town Council approved the master plan proposed by Town West Cos. in October 2022.