Berkadia Completes Two Tucson Apartment Sales worth $41.7 Million

TUCSON, AZ — Scottsdale-based, Bascom Arizona Ventures, through affiliate Silverbell Property Investor LLC (Glenn Daiutolo and Jerry Finney, Managing Directors) bought The Springs at Silverbell Apartment at 7759 N Silverbell Road in Tucson for $31.5 million ($108,621 per unit).

The Springs at Silverbell Apartment Homes is a 290-unit garden-style apartment project located in the northwestern part of Tucson, offering spectacular mountain views. The complex offers a variety of six floor plans of studios to 3-bedrooms. The Springs at Silverbell was built in 2002 with 27 two-story buildings on 18-acres.

Community amenities include a clubhouse, two attractive swimming pools with cabanas, two spas, a 24-hour fitness center, conference room, business center, theater room, basketball court, and barbecue areas with picnic tables. Unit amenities include nine-foot ceilings with a ceiling fan, a ceramic tiled entry, Energy Star appliances, a microwave, electric range, dishwasher, ice maker, disposal, built-in wine rack, linen closet, large master bedroom, walk-in closet, garden-style tub, full-size washer and dryer, spacious patio or balcony, and all units are cable-ready. Select units include a pantry, breakfast bar, separate dining area, private garage, and built-in storage.

The seller was Silverbell 290 Limited Partnership of Sun Lakes, AZ (Steven Robson, principal).

California-based Pacific Equities Capital Management through affiliate Pacific Palomino LLC purchased the Palomino Crossing Apartment Homes at 750 East Irvington in Tucson for $10.2 million ($42,500 per unit).

Palomino Crossing is a 240-unit garden style apartment project located in the southern part of Tucson, AZ. The property is located near Tucson International Airport and several Call Centers and other employers who offer employment to the resident profile attracted to the property. Palomino Crossing consists of one- and two-bedroom units.

The complex is built on 8 acres with common area amenities that include two recently remodeled club houses, fitness center, two pools, multi-purpose turf field, horseshoe pit, dog park, and playground.

The seller, Summit Partners LLC an affiliate of Summit Equity Investments of Los Angeles, California (Joseph Rosen, President / co-founder) purchased the property December 2012.

Brokers representing Sellers for both Palomino Crossing and The Springs at Silverbell were Art Wadlund, and Clint Wadlund with Berkadia in Tucson and Mark Forrester, Ric Holway with Berkadia in Phoenix.

For additional information contact Forrester at 602.912.1630 and Holway at 602.912.1633; Art Wadlund can be reached at 520.299.7200 and Clint Wadlund is at 520.615.1100.

To learn more, see RED Comp #4198 and #4165.