LOPLA, LLC of Tucson purchased the Glenn East Apartments, a 47-unit apartment complex at 2333 E Glenn St in Tucson for $1.85 million ($39,362 per unit). The property has approximately 15,034-square-feet in four buildings with two-stories, constructed in 1963 on 1.05 acres. Located on the Campbell Corridor in the Shaheen Estates subdivision, the unit mix consists of twelve 1 bedroom/ 1 bath units and thirty-four 2 bedroom/ 1 bath units. The property sold 100% occupied with new roofs and recently painted exteriors.

The financing of $1.295 million was handled by Ryan Johnson of Newmark Realty Capital, Inc. in Tucson.

LOPLA, LLC also bought Cypress Court at 1926-1944 N Tucson Blvd. in Tucson for $475,000 ($47,500 per unit). The 5,990-square-feet in seven buildings are single story and was built from 1941 to 1961. The transaction was financed with a seller carry back.

Tony Reed of Long Realty Company in Tucson represented the seller, The Flanagan Family Trust (Patrick Flanagan) of Tucson and the investor in both transactions.

To learn more Reed should be contacted at (520) 577-7400. Johnson can be reached at (520) 305-3222.

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[mepr-show rules=”58038″] Loan amount on Glenn East was a 10 year term, and 20-year amortization.[/mepr-show]

Rio Properties an affiliate of HSL Properties, Inc. (Humberto Lopez, principal) sold Posada Del Rio Apartments at 7424 E Speedway Blvd. in Tucson for $8.1 million ($50,625 per unit) for the 160-unit apartment complex (built 1980) and purchased The Station on Central, a 414-unit apartment complex (built 1999) at 4140 N Central Avenue in Phoenix for $53 million ($128,019 per unit).

The buyer of the Tucson property was Radium Investments I, LLC (Kevin Szymanski, principal) of Phoenix. The seller of the other was North Central Avenue Apartments LLC, formed by Baron Properties in Greenwood Village, Colo. (J. Jeffrey Riggs, Scott Fisher, T.J. Tarbell, principals).

Maricopa County records show HSL Station on Central LLC, an affiliate of HSL, acquired the project with a $39.24 million loan from Compass Bank. In May 2011, the Baron Properties company paid $36.5 million ($88,164 per unit) to buy The Station on Central. The complex was originally named Jefferson on Central.

The Class A property is just north of Indian School Road and is adjacent to a METRO light rail station. The luxury one-, two- and three-bedroom units fit in well with HSL Properties 10,000 + unit multifamily portfolio.

With the acquisition of The Station on Central, HSL Properties owns 42 apartment projects in Arizona. Of those, 8 are located in the Phoenix market, 32 are in the Tucson area and the privately-held HSL has 1 multifamily community in Casa Grande and 1 in Yuma.

The Phoenix transaction was negotiated through Brad Goff, Dave Lord of Apartment Realty Advisors in Phoenix. The Tucson deal was handled by Art Wadlund of Berkadia Real Estate Advisors in Tucson

HSL Properties is looking to buy additional apartment projects in Arizona.

To find out more Omar Mireles of HSL Properties can be contacted at (520) 322-6994. Or learn more by Goff and Lord at (602) 252-4232. Wadlund should be reached at (520) 299-7200.

The Villas at Roger Road at 3985 N Stone Avenue in Tucson sold for $5.685 million ($24,500 per unit) in a value add investment sale. The property was lender owned when it sold to Equilibrium Villas, LLC (Sasonias Astatke) of Washington, DC.

Built in 1984, the complex has 232-units in nine, 2-story, buildings and a unit mix of 38% – (88) 1-bedroom,  62% – (72) 2-bedroom/1 bath and (72) 2-bedroom/2 bath units.  The 129,389-square-feet of improvements sit on 6.85 acres at the southwest corner of Stone and Roger. Common amenities include a pool with a newly resurfaced deck, new pool furniture, and a shaded pavilion. The property also has a basketball court, laundry facility, outdoor barbeques and picnic areas, a gated pet run, gated access, and separate clubhouse with Wi-Fi, billiards, ping pong, and a lounge area with a flat-screen television.

The property sold with 20% vacancy, stabilized from 40% after returning to the lender about a year ago. It is the buyer’s intention to add value for resale.

Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International in Phoenix handled the transaction for lender, Ocwen Loan Servicing, and the investor.

To learn more contact Hahn at (602) 222-5105, Sherman at (602) 222-5109 and Koskovich is at (602) 222-5145.