MF Asset Management has acquired Peaks at Redington, a 301-unit multifamily property in Tucson, Ariz. SB Pacific Group sold the property for $53.9 million.
The transaction marks MF Asset Management’s first multifamily acquisition in Tucson. Marcus & Millichap’s Institutional Property Advisors worked on behalf of the seller and procured the buyer.
The property last traded in 2017, when SB Pacific Group bought the community from PEM Real Estate Group for $14.5 million, according to Yardi Matrix data.
Peaks at Redington is located at 7700 E. Speedway Blvd. and comprises 13 buildings constructed in 1980, spread across a 10-acre lot, with one- and two-bedroom units ranging between 616 square feet and 721 square feet, according to the same data provider. Common-area amenities include a swimming pool, a fitness center, a clubhouse, tennis and basketball courts, two spa centers, two laundry facilities, as well as 400 parking spots.
The property is situated between Eastridge Plaza and Saguaro Vista Shopping Center, 7 miles from The University of Arizona, 14 miles from Tucson International Airport, and near major employers including Tucson Medical Center and Texas Instruments Inc.
Senior Vice Presidents of Investments Clint Wadlund and Hamid Panahi as well as Executive Managing Directors of Investments Steve Gebing and Cliff David of Institutional Property Advisors represented SB Pacific Group in the transaction and procured MF Asset Management.
IPA has recently arranged another high-profile sale in Tucson, when Bridge Investment Group paid $178 million to acquire a 826-unit community from Northland.