Port Royale in Sierra Vista sells for .5 million
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Port Royale, a 252-unit multifamily prop...
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Port Royale, a 252-unit multifamily property in Sierra Vista, Arizona. The $46.5 million sales price equates to $184,524 per unit. 'Southern Arizona is one of the state's most rapidly growing areas and in April 2022, Sierra Vista was ranked No. 7 nationally for year-over-year rent growth,' said Hamid Panahi, IPA senior vice president. 'The seller recognized that a post-2000-vintage asset like Port Royale is rarely available to new investors and capitalized on the demand.