Tucson, Arizona  – CBRE arranged the sale of  a combined total of 486-units in apartment properties in Tucson,  The Springs at Continental Ranch and Silverbell Springs sold for an aggregate amount of $87.5 million.

CBRE’s Tyler Anderson, Asher Gunter and Jeff Casper of CBRE Multifamily Institutional Properties represented the sellers on both transactions.

The sale of the 290-unit multifamily community Silverbell Springs sold for $50.25 million ($173,000 per unit). CBRE worked on behalf of the sellers, a joint venture between The Bascom Group and funds managed by Oaktree Capital Management, L.P. the property was acquired by an investor client of The ConAm Group. ConAm arranged the acquisition and will continue to manage the investment on their client’s behalf.

Located at 7759 N. Silverbell Road in Marana, a northwest submarket of Tucson, Silverbell Springs features two resort-style pools and spas with poolside entertainment ramadas including a bar, dining area, and flat screen TV; resident clubhouse featuring a café, business center, and game room with shuffleboard table and kitchen; state-of-the-art fitness center; stainless steel gas barbeque grills and picnic areas; and covered children’s playground with adjacent dining ramada and charcoal grills.

“Silverbell Springs is located in the upscale master planned community of Continental Ranch, which is the central hub for Marana and Northwest Tucson, and one of the fastest growing population centers in the market,” said CBRE’s Casper. “The area’s strong multifamily fundamentals combined with the quality design of Silverbell Springs created significant buyer interest.”

According to CBRE Research, the population of Marana increased 36 percent from 2010 to 2019 and is projected to increase 14 percent through 2024.

“Silverbell Springs was an excellent fit for our client’s investment objectives and will complement their multifamily investment portfolio,” said ConAm Group CEO Rob Singh. “We look forward to adding value to the community for residents and for our client.”

The ConAm Group is a multi-disciplined real estate investment and services firm based in San Diego, California. Established in 1975, ConAm currently operates a nationwide portfolio of over 54,000 apartment units in more than 26 key metropolitan areas.

In the second transaction, CBRE arranged the sale of the 196-unit multifamily community The Springs at Continental Ranch on behalf of a joint venture between The Bascom Group and funds managed by Oaktree Capital Management, L.P. to a private investor for $37.25 million ($190,000 per unit).

Located at 7901 N. Cortaro Road in the Northwest submarket of Tucson, The Springs at Continental Ranch features a resort-style pool and spa with fire pit, stainless steel gas barbeque grills and private cabana; resident clubhouse with vaulted ceilings, designer accents, café, business center and media room; state-of-the-art fitness center; and covered children’s playground. Individual residences feature 9- and 12-foot ceilings, granite countertops with undermount kitchen sink, stainless steel appliances, wood-style plank flooring, and full-size washer/dryer.

“Strong multifamily fundamentals in Tucson continue to attract investors to the market,” said Casper. “The region’s expanding employment base and affordable quality of life are creating robust demand for multifamily housing.”

According to CBRE Research, year-over-year multifamily rent growth in Tucson increased 6.9 percent in Q3 2019, the third strongest growth of all metros in the United States.

To learn more, see RED Comps #7457 and #7459.

PHOENIX, Arizona — Governor Doug Ducey today applauded the passage of $152.4 million in new federal funding to modernize the San Luis I Port of Entry in Southern Arizona. Designated as the number one priority port of entry in the United States by Customs and Border Protection, the San Luis I port is one of the busiest ports at the U.S.-Mexico border and the only port to receive this funding.

In September, Governor Ducey sent a letter to Arizona’s congressional delegation urging them to support this critical investment. Last week, President Trump signed into law a $1.4 trillion spending package, which includes this new funding. This spending package provides initial funding needed to improve the infrastructure of the aging, nearly 40-year-old port.

“Modernizing the San Luis I Port of Entry is critical to Arizona and our region’s economy,” Governor Ducey said. “Efficient ports of entry keep Arizona at the forefront of cross-border commerce and ensure the security of our state and nation. My thanks to everyone who supported this investment, including President Trump, Senators McSally and Sinema, as well as Representatives Lesko, O’Halleran, Kirkpatrick and Stanton.”

“This new funding is great news for the port and the entire city,” said San Luis Mayor Gerardo “Jerry” Sanchez. “This modernization will ease the process for those traveling to San Luis, strengthening our cross-border relationship and the economic benefits these visitors bring.”

The San Luis facility processes more than 3.2 million cars and 8.5 million people traveling northbound each year. Trade, tourism and economic demands have far exceeded the functionality of this port, making this funding crucial to the local, state and national economy.

PHOENIX, Arizona – Cushman & Wakefield announced that Larry Downey, Vice Chairman at Cushman & Wakefield in Phoenix, has been awarded the designation of Counselor of Real Estate (CRE) by The Counselors of Real Estate organization. The designation is awarded to prominent real estate practitioners recognized for their expertise, experience, and ethics in providing advice that influences real estate decisions.

“I am honored to be selected as a member of this extraordinary organization. It’s members are some of the most respected real estate specialists in the industry and I am proud to have been awarded the prestigious CRE designation,” stated Downey.

A stringent process of selection, which is by invitation only, ensures that individuals awarded the CRE credential have attained the highest levels of expertise and achievement in their real estate specialty, particularly in the provision of sophisticated advice and high-level problem solving.

A member of Cushman & Wakefield’s Tenant Advisory group, Downey has been involved in over 4,500 lease and sale transactions totaling more than 100 million square feet (MSF), in excess of $6 billion in total consideration. He has represented prominent Arizona-based companies and national corporations in their multi-market corporate real estate decisions. Downey has closed more than 4.5 MSF of multi-market lease transactions around the country, serving as a single point of contact for companies while working collaboratively with his national colleagues within the Cushman & Wakefield platform.

According to Julie Melander, CRE, 2019 Chair, “Through The Counselors, we assist one another and emphasize the value of the services of the real estate counselor to the public. Members are pledged to maintain the highest standards of professional conduct and service in the field of real estate counseling.”