Forecasted population growth projected to complement firm’s long-term investment strategy
Tucson, Arizona – Northland Investment Corporation, one of the top privately held multifamily owner and operators in the country, announced its acquisition of Villas at San Dorado, 10730 N Oracle Rd, in the Tucson, Arizona suburb of Oro Valley. Northland now owns 27 properties in the Southwest across Texas, Arizona and New Mexico.
San Dorado is Northland’s fourth property in the greater Tucson area, a market that is projected to see significant population growth with as many as 16,000 new residents annually through 2019, according to CBRE Econometric Advisors, in part due to its strong defense, biotech and education ecosystems. Cost of living in the region is also extremely affordable, with an average rent-to-income ratio of 21.9% in Oro Valley.
The property commanded a sale price of $50.55 million ($184,500 per unit).
The Mark Taylor built residential community offers nine spacious floor plan options of one, two and three bedroom apartments with modern and custom finishes. Just some of the upscale indoor features include extra-high 9-foot ceilings, plush carpeting, kitchen islands, custom wood cabinets, stainless steel appliances, walk-in closets, and a private patio or balcony. Although rent prices are still to be determined, apartment sizes range from a 779-square-foot one bedroom with one bathroom to a 1381-square-foot three bedroom with two bathrooms.
“Tucson’s economy continues to gain momentum in recent years, and we remain optimistic about the long-term outlook,” said Matthew Gottesdiener, Chief Investment Officer, Northland. “We’re excited to be acquiring the preeminent suburban apartment community in Tucson. Villas at San Dorado was built by one of the most respected developers in the western United States; the property offers an unparalleled suite of onsite amenities and rent levels that are sustainable and affordable for a diverse group of residents.”
Located in Northwest Tucson’s coveted suburb of Oro Valley, Villas at San Dorado was built in 2014 and consists of 274 units in 26 buildings spread across 15.7 acres of lush desert landscape in the foothills of the Santa Catalina Mountains. In addition to its prime location, luxe amenities include a spin-bike room, yoga studio, and an expansive resort-style pool with sun-decks, cabanas, and a whirlpool spa, as well as access to eight golf courses within five miles of the property.
The CBRE Team of Michael Sandahl, Martin Encinas, Sean Cunningham, and Tyler Anderson negotiated the transaction for the seller.
In addition to Villas at San Dorado, Northland’s other communities in Tucson include Hilands, Promontory, and Valley View.
Northland Investment Corporation based in Newton, Massachusetts, owns and operates 92 properties nationwide – 79 multifamily communities with 23,737-units, 2.2 million total square feet of developed property, and land for the development of up to 3,000 more units. Northland manages seven real estate investment funds, maximizing risk-adjusted returns through value-added acquisition, development, asset management and property management strategies.
For more information, Encinas can be called at 520.323.5173 and Sandahl should be reached at 520.323.5115.
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[mepr-show rules="58038"]Sale date: 6/1/2017. Document #2017-1520496, APN: 220-09-116, Situs: 520-447-5555, Northland contact: 617-965-7100[/mepr-show]