Berkadia Negotiates Sale of Two Apartment Communities in Tucson for $16.28 Million

TUCSON, Arizona – A joint venture between two Swiss real estate companies, Stoneweg US LLC and Varia US Southwest LLC, bought the Zona Village Apartments at 2855 W Anklam Road in Tucson for $10.05 million ($54,918 per unit) from SFF Investments, Ltd. of Colorado.

The 183-unit apartment complex was built in 1969 and consists of 24 one-, two- and three-story, garden-style buildings, totaling approximately 98,366-square-feet of rentable space on 5.72 acres, located southwest of Anklam and Silverbell Roads.

The property features one-and two-bedroom units in six individual floor plans averaging approximately 538-square-feet and sold with 98% occupancy.

Unit amenities include air conditioning, a disposal, and frost-free refrigerator. Select units have ceiling fans, a dishwasher, backsplash in the kitchen, faux-wood flooring, walk-in closets, mini-blinds, vertical blinds, and storage.

Community amenities include swimming pool, basketball court, three laundry facilities, and Ramada with barbeque grills.

Zona Village is nestled in the Tucson Mountains with much of the open land surrounding it  federally protected as Tucson Mountain Park yet within minutes of Tucson Central Business District, the UofA, Pima Community College and large medical facilities and hospitals.

In a second transaction, Juniper Canyon Apartments at 3055 N Flowing Wells Road in Tucson sold for $6.23 million ($44,170 per unit) to Bozeman, Montana investors.

The 141-unit apartment complex was built in 1985 on 3.8 acres and is located at the northwest corner of Flowing Wells and Miracle Mile Roads in the Central submarket of Tucson. The seller, Tucson Equity Partners of La Jolla California had purchased the property in 2015 in a distress sale and did extensive renovations to it.

The property consists of 141-units: (41) 1/1 404 SF rent for $410, (68) 1/1 580 SF rent for $460, and (32) 2/2 725 SF rent for $590. The property was 98% occupied at time of sale.

Amenities include air conditioning, cable TV available, disability access, dishwasher, pet – friendly, some paid utilities, walk-in closets, a clubhouse, emergency maintenance, fitness center, laundry facility, public transportation, swimming pool and hot tub/spa.

Art and Clint Wadlund of Berkadia’s Tucson office represented the sellers in both transactions.

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

To learn more, see RED Comp #4980 and #4974.