Los Angeles-based Marcus & Millichap broker Lane Schwartz tells GlobeSt.com that the family bought the property in a 1031 exchange. He says the buyers sold a retail building in California to exchange for he called the "premier apartment complex in Tucson."
Schwartz says the 144-unit, four-year-old complex met its listing price and was on the market for less than 30 days. Rents at Pusch Ridge range from $609 per month for a one-bedroom, 760-sf unit to $869 per month for three bedrooms totaling 1,185 sf.
Mike McClain of the Tucson office of Marcus & Millichap represented the sellers while Schwartz represented the buyers. The sellers are a group of individual Phoenix investors whose ownership of record is the Pusch Ridge Apartments LP.
According to Marcus & Millichap's research, Tucson has not experienced the same rapid growth that has prevailed in many other southwestern cities. Consequently, Tucson has been sheltered from negative economic conditions currently affecting other southwestern apartment markets. In essence, Tucson has been able to maintain its supply and demand equilibrium.
The research predicts vacancy will increase a slight 0.3 percentage point to 7.9% from last year due to an increase in new units. The current rate will be short lived since employment growth is predicted to rise and thus absorb some of the vacancy.
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