Tucson Property Trades for $22M

Vertical Street Ventures has sold Vertical East Apartments, a 109-unit community in northeast Tucson, Ariz., for $22 million, or $201,834 per unit. Marcus & Millichap division Institutional Property Advisors worked on behalf of the seller and also procured the buyer, Investor Capital Group.

Arbor Realty Trust originated a $13.7 million, Fannie Mae acquisition loan tied to the current sale, according to Yardi Matrix information. The property previously traded in 2021, for $27 million, the same source shows.

Located at 2050 N. Pantano Road, the pet-friendly Vertical East came online in 2001 and features two- and three-bedroom units averaging 1,188 square feet. Apartments include washers, dryers, microwaves and dishwashers. Community amenities encompass some a swimming pool, a spa, a picnic area and a dog park, as well as some 150 parking spots. The community is currently managed by Scotia Group Management LLC, an Avenue5 Residential company.

Situated in a suburban area encompassing a handful of other nearby communities, the property is close to several retail destinations. The Mission Village, Catalina Village and Woodland Plaza shopping centers are all within 0.5 miles. Udall Park and a couple of other retail options are roughly 1 mile west of the community.

The IPA team working on the sale included Executive Managing Directors Steve Gebing and Cliff David, alongside Senior Managing Director Hamid Panahi and Managing Director Clint Wadlund. Less than a month ago, the same team closed another noteworthy Tucson multifamily sale. The $53 million deal closed by IPA involved a 304-unit, value-add community.