CBRE Arranges Sale of Tucson Multifamily Portfolio for $16 Million

CBRE negotiated the $16 million sale of a three-property multifamily portfolio in Tucson totaling 295 units. CBRE's Jeff Casper represented the seller, Desert Ventures LLC. IPM Investments acquired the portfolio.

“The portfolio’s strategic in-fill location and great bones perfectly position the communities for a transformational repositioning,” said Casper, first vice president and Tucson market leader at CBRE.

The portfolio includes Royal El Con (150 units), Royal Palms (136 units), Villa El Con Casitas (9 casita-style units) and a 2.8-acre vacant site zoned for multifamily development. The portfolio was developed in the 1960s and has since been owned and operated by the same family.

Seattle-based IPM Investments identifies, acquires and transforms multifamily apartment communities in the western U.S. This portfolio is the firm’s first multifamily acquisition in Tucson.

“We are excited to acquire these opportunistic multifamily communities for our expanding portfolio, and we look forward to adding value to the properties for our residents and investors alike,” said IPM Investments founder Frank Hornung. “Tucson has excellent underlying multifamily fundamentals, and we are bullish on the region’s future growth.”

Royal El Con, Villa El Con and the development site are located approximately three miles East of the University of Arizona and Banner University Medical Center, two of the largest employers in Tucson.