Founders Group Sells 202-Unit Tucson Apartment Community to AndMark for $18M

The Founders Group has finished selling The Place at 2120, a 202-unit apartment property in Tucson, Arizona, to AndMark. The buyer paid $18 million, which works out to roughly $89,356 per unit. Hamid Panahi and Clint Wadlund of Institutional Property Advisors, part of Marcus & Millichap, represented the seller and also located the buyer.

The community sits on more than seven acres and was built in 1986. Its one-, two- and three-bedroom layouts include some units with vaulted ceilings and linen closets. Shared amenities include a swimming pool and spa, a fitness center, a dog park, laundry facilities and a playground. The prior owner upgraded roughly 90 percent of the unit interiors before the sale.

The transaction adds another multifamily trade to Tucson's investment activity, with the renovated interiors a key feature of the asset.

For owners and lenders, the sale offers a per-unit pricing reference for renovated, mid-1980s apartment communities in Tucson when underwriting similar acquisitions.