Berkadia Arranged Sale of Mirabella Apartments for $16.2M

Mirabella Apartments, 1345 S Kolb Rd., Tucson, AZ

Tucson, Ariz.—Berkadia recently arranged the sale of Mirabella Apartments, a multifamily property in Tucson, Ariz., for $16.2 million ($40,399 per unit). Senior Managing Director Art Wadlund and Associate Director Clint Wadlund of the Tucson office led the team that completed the transaction. The property was sold by Salt Lake City-based Bridge Investment Group (Jonathan Slager, CIO), and the buyer was Avenue North (Ryan Hartman, manager) of Mesa, Ariz.

Built in 1974, the property is located at 1345 S. Kolb Road and offers 401 studio, one-, two- and three- bedroom units. Property amenities include a clubhouse, business center, four swimming pools with two spas and laundry facilities, among others. Mirabella Apartments is close to major thoroughfares such as Kolb Road and 22nd Street, and is also near Arizona State Route 10.

“Avenue North has a history of owning fairly similar properties and felt that they could improve operations with a more ‘hands-on’ management approach. They also like the dynamics of the Tucson apartment market,” Art Wadlund said in prepared remarks.

For more information, Art Wadlund can be reached at 520.299.7200 and Clint Wadlund is at 520.615.1100.