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Institutional Property Advisors Brokers $53.4M Sale, $47M Financing of Tucson Multifamily Asset

  • Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale & financing of The Retreat at Speedway, a 304-unit apartment complex in Tucson, Arizona.
  • The seller, Weidner Apartment Homes, was represented by IPA executives Steve Gebing, Hamid Panahi, Clint Wadlund, & Cliff David, who procured buyer Bascom Arizona Ventures, an affiliate of The Bascom Group.
  • The property traded at $175,657 per unit, with IPA Capital Markets arranging $47.53 million in acquisition financing under competitive debt fund market terms.
  • Completed in 2001, the two-story garden-style asset features a central courtyard, swimming pool, spa, & business center, with an average unit size of 859 square feet.
  • Recent capital improvements totaling $1.4 million include asphalt resurfacing, roof overlay, gated entry enhancements, & refreshed landscaping.
  • Hamid Panahi noted the property belongs to a scarce vintage cohort (2000-2009 construction), representing approximately 5% of the Tucson MSA's multifamily inventory.
  • Major local employers near the Speedway Boulevard location include the University of Arizona, Raytheon, Banner Health, Texas Instruments, Carondelet, Amazon, & Caterpillar.
  • Marcus & Millichap reported closing 7,836 transactions with a sales volume of approximately $49.6 billion in 2024.