**Tucson Vintage Multifamily Portfolio Sells for $16M**
CBRE has arranged the $16 million sale of a three-property multifamily portfolio in Tucson, totaling 295 units, along with a 2.8-acre multifamily development site. The transaction represents a price of approximately $54,237 per unit.
Jeff Casper of CBRE represented the seller, Desert Ventures LLC. The buyer, IPM Investments, acquired the assets in what marks their first multifamily purchase in the Tucson market. According to CBRE’s Casper, the portfolio is well-positioned for “a transformational repositioning.”
**The Desert Ventures Portfolio Includes:**
– **Royal Palms Apartments** – 136 units constructed in two phases (1963 and 1965) across 4.13 acres. The property features seven two-story masonry buildings. Recent upgrades include rooftop-mounted heat pumps, upgraded electrical panels, new steel entry doors with keyless entry, and pool renovations completed in 2017 and 2021.
– **Royal El Con Apartments** – 150 units built in 1966 and located in Tucson’s Miramonte neighborhood. The complex offers a mix of one- and two-bedroom units spread across one-, two-, and four-story buildings.
– **Villa El Con Casitas** – A smaller collection of nine casita-style units.
– **Development Site** – A 2.793-acre multifamily-zoned parcel offering future development opportunities.
The portfolio’s shared amenities include two swimming pools and two self-service laundry facilities.
