Berkadia Completes $43 Million Sale of Tucson Multifamily Property
TUCSON, ARIZONA — Coronado Villas, at 9225 East Tanque Verde Road, a 432-unit multifamily property in Tucson, Arizona has sold. Senior Managing Director Art Wadlund and Associate Director Clint Wadlund of the Tucson Berkadia office completed the $43 million sale at a price-per-unit of $99,537.
The seller was Prime Residential, based in San Francisco, and the buyer was Oregon-based Tokola Properties.
“Tokola Properties was looking to purchase a quality property in Arizona,” Art Wadlund said. “With apartment occupancy increasing and job growth accelerating in the Tucson area, the buyer recognized the opportunity Coronado Villas presented to be located within a growing multifamily market.”
Built in 1994, Coronado Villas one-, two- and three-bedroom units feature a washer/dryer, double-sided wood burning fireplaces and vaulted ceilings in select units. Community amenities include a fitness center, three swimming pools and spas and a clubhouse. Saguaro National Park East is situated four miles from the property, and top employers in the area include Tucson Unified School District and the Arizona National Golf Club with convenient access to Catalina Highway.
For more information, Art Wadlund can be reached at 520.299.7200 and Clint Wadlund is at 520.615.1100.
To learn more, see RED Comp #4335.