Institutional Property Advisors Brokers Sale of 272-Unit Brookwood Multifamily Asset in Tucson, Arizona
TUCSON, Ariz. — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced March 17 the sale of Brookwood, a 272-unit multifamily property situated in East Tucson, Arizona.
Property Overview and Location
Built in 1973, Brookwood is located on Kolb Road just south of Broadway Boulevard in East Tucson — two major transportation corridors that provide direct access to Interstate 10 and Downtown Tucson. The property sits within walking distance of Circle Plaza shopping and a short drive from the University of Arizona.
The 272-unit community offers a mix of one- and two-bedroom apartments featuring private patios, wood-style vinyl plank flooring, and well-appointed kitchens. Community amenities include a swimming pool and spa, fitness facility, grilling stations, a dog park, and electric vehicle charging stations.
The surrounding submarket provides residents access to approximately 3,200 employers and more than 77,000 jobs across healthcare, business and professional services, retail, and hospitality sectors. Major area employers include Raytheon, Davis-Monthan Air Force Base, Banner Health, Tucson Medical Center, and the Carondelet Health Network.
Transaction Details and Brokerage Team
Clint Wadlund, managing director of investments at IPA, and Hamid Panahi, senior managing director of investments at IPA, represented the seller and procured the buyer. Financial terms of the transaction, including sale price, price per unit, and cap rate, were not disclosed. The identities of the buyer and seller were also not disclosed.
"Brookwood is well-positioned within East Tucson and benefits from proximity to multiple employment sectors inclusive of healthcare, business and professional services, retail, and hospitality, offering residents access to approximately 3,200 employers and more than 77,000 jobs," Wadlund said.
Panahi noted the broader investment thesis driving the deal. "This acquisition reflects the continued confidence investors have in Tucson's multifamily fundamentals. With a diversified employment base, and sustained renter demand, Tucson continues to attract long-term capital. The buyer has been steadily expanding their footprint in the market, and this transaction reinforces their commitment to investing in Tucson's long-term growth," he said.
Sources: Institutional Property Advisors press release, March 17, 2026. https://www.institutionalpropertyadvisors.com/news-events/2026/03/institutional-property-advisors-closes-tucson-multifamily-asset-sale