**Tucson Apartment Complex Sells for $37.5 Million in Casas Adobes**
The Place at Arroyo Verde, a 156-unit garden-style apartment community located in Tucson’s affluent Casas Adobes neighborhood, has changed hands for $37.5 million—equating to approximately $240,000 per unit.
“Casas Adobes is one of Tucson’s most affluent and highest barrier-to-entry submarkets,” said Steve Gebing of Institutional Property Advisors (IPA), who served as a broker in the transaction. “Topography constraints, a prolonged permitting process, and the high cost of land—when it’s available—have limited new construction in the area.”
Gebing was joined by fellow IPA brokers Hamid Panahi, Clint Wadlund, and Cliff David in representing the seller, MC Companies, and in procuring the buyer, Olympus Property. Acquisition financing for the transaction was arranged by Brian Eisendrath and Cameron Chalfant of IPA Capital Markets.
The Place at Arroyo Verde features a mix of one-story casitas and two-story walk-up floor plans, with an average unit size of 956 square feet. Community amenities include a leasing office, clubhouse, swimming pool with oversized sundeck, fitness center, grilling stations, and covered parking.
