TUCSON, Arizona- HSL Properties (Omar Mireles, President) through its affiliate HSL Bear Canyon Apartments, sold Bear Canyon Apartments at 9055 East Catalina Highway in Tucson for $35.6 Million ($150,000 per unit) to M3 Multifamily Fund of Santa Barbara, CA.
The property was originally platted for condominiums in 1996 with (72) one-bedrooms, (118) two-bedrooms and (48) three-bedroom units, however had been run as an apartment complex since being built and was re-platted by HSL in 2012 as one tax code.
The property was 97% occupied at time of sale.
The 2-story, class A property with 18 buildings is located at the foot of the Santa Catalina Mountains in the eastern submarket of Tucson, within reach of the Park Place Mall, 4th Avenue and provide easy access to nine golf courses and the airport is only 30 minutes away. Floor plans feature all electric kitchens, 9-foot ceilings, large walk-in closets, full size washer and dryer and spacious living areas. In addition to these comforts, the gated community amenities include two resort-style heated pools, a 24-hour fitness center, clubhouse, barbeque areas, covered parking, wood burning fireplaces, extra storage, private enclosed patio or balcony and is a pet friendly community
Art Wadlund and Clint Wadlund of Berkadia in Tucson represented the seller in the transaction.
“The buyer owns other properties in Tucson already and wanted to expand its portfolio here,” said Clint Wadlund. “They like Tucson for their investment portfolio.”
M3 Multifamily, LLC was formed in 2008 by John Mosby and Jon Martin for the purpose of acquiring, renovating and managing existing apartment communities in the United States in order to create cash flow and profits from sale for their investors.
Since then M3 has grown steadily, and currently owns/manages apartment communities in Austin, San Antonio, Nashville, Reno, and Tucson totaling 2,312 units. A majority of these properties are managed through M3’s affiliated property management company, M3 Property Management, Inc.
For more information, Art Wadlund can be reached at 520.299.7200 while Clint Wadlund is at 520.615.1100.
To learn more, login and see RED Comp #6612.
[mepr-show rules="58038"]Closing date: 2/28/2019. Document #2019-0590476. Property sold with $1,975,000 listed as personal property and sold at a reported 5.03% cap rate. Property was 96.6% occupied.[/mepr-show]