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Tucson Apartment Complex Trades for Record $178 Million

Investors Drawn to Rent Growth, Lack of Inventory in Arizona's Second-Largest City
The Hilands apartments, built in 1986, were just sold for $178 million. (CoStar)
The Hilands apartments, built in 1986, were just sold for $178 million. (CoStar)

An apartment complex in Tucson, Arizona, set a local record when it was sold for $178 million, the highest total price paid for conventional apartments in the city 130 miles southeast of Phoenix.

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