TUCSON, ARIZONA -- Art and Clint Wadlund with Bercadia Tucson has completed the sale of three apartment properties in Tucson: Villa Bugambilias Apartments, Agave at 22, and Tierra Vida Apartments. The assets sold for $34.75 million ($96,530 per unit), $33.45 million ($125,750 per unit) and $35.75 million ($178,750 per unit) respectively; an aggregate of $103.95 million and 826-units.
Villa Bugambilias Apartments located at 7400 East Golf Links in the eastern submarket of Tucson with 360-units consisting of studios, one- and two-bedroom units and Agave at 22 at 8485 East 22nd Street with 266-units of one- and two bedrooms were purchased by Utah-based, Bridge Investment Group.
“Bridge had exited the Tucson market for awhile and is now back with these acquisitions,” Clint Wadlund said. “The buyer recognized the long-term value of acquiring a luxury Class A properties in Tucson, where market fundamentals remain strong with all signs pointing to future job, wage and population growth.”
Tierra Vida Apartments located at 1970 West Old Magee Trail in the northwest submarket of Tucson with 200 one- and two-bedroom units was acquired by Praxis Capital of Santa Rosa, CA.
All three Class-A properties were in the mid-90% occupancy when sold.
The Wadlunds represented the sellers in these transactions, all out-of-state investors from Florida, Colorado and Washington and the investors were self-represented.
For more information, Clint should be reached at 520.615.1100 while Art should be contacted at 520.219.7200.
To learn more, see RED Comps #8408, #8464 and #8487.