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8/15/25
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IPM Investments acquired a three-property, 295-unit multifamily portfolio in Tucson for $16 mil. The portfolio includes Royal El Con (150 units), Royal Palms (136 units), Villa El Con Casitas (nine casita-style units) and a 2.8-acre vacant site zoned for multifamily development.
The portfolio was developed in the 1960s and has since been owned and operated by the same family. Royal El Con, Villa El Con and the development site are located approximately three miles East of the University of Arizona and Banner University Medical Center, two of the largest employers in Tucson.
CBRE's Jeff Casper represented the seller, Desert Ventures LLC, in the transaction. According to Casper, the portfolio’s strategic in-fill location and great bones perfectly position the communities for a transformational repositioning.
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