Two recent Tucson apartment communities sold with an aggregate of 421-units for $13.34 million, each located at distant ends of the City of Tucson.

Wilmot Vista Apartments at 3225 S Wilmot Road in Tucson sold for $5.5 million ($28,000 per unit) in an REO value-add asset sale. Located near Davis Monthan Air Force Base at Wilmot and Golf Links Road, the property was built in two phases in 1987 and 1987 in ten buildings on 6.51 acres.

The unit mix comprises 116 one-bedroom units, 80 two-bedroom units and one three-bedroom unit, the 110,790-square-foot property was 92% occupied at time of sale. Community features include two swimming pools and two heated spas, two well–located laundry facilities, a separate leasing office, business center and a sports court. Recent community improvements include exterior painting, upgraded landscaping, remodeled leasing office, laundry room upgrades, and in May 2015 a new slurry coat applied to the entire parking lot.

Jack Hannum and Derek Iannelli with Transwestern in Phoenix represented the seller, Blue Valley Apartments, an affiliate of Ocwen Loan Servicing in West Palm Beach, FL. Hannum said, “The complex had been well maintained while lender owned and was approaching stabilization when it sold.”

7O7 Property Management of Las Vegas and Scottsdale had managed the property for seller and are being retained for management services by the new owner, Colorado-based Oaks at Edgemont, LLP (William Doogan, general partner).

Hannum can be reached at 602.386.1181 and Iannelli should be contacted at 602.386.1183.

For more information see RED Comp #3330.

In a second transaction in central Tucson, Sedona Point Apartments sold to Scottsdale-based Sedona Pointe LLC (Matthew Okmin, manager) for $7.84 million ($35,000 per unit) in what was also a value-add sale.

The 224-unit Sedona Pointe Apartments was built in 1978 as a garden-style community on Oracle northwest of Grant Road. The 123,268-square-feet in five buildings consists of one- and two bedroom units situated on 6.5 acres. Community amenities include a clubhouse, BBQ areas, carports, two laundry facilities, a pool, two spas, and a fitness center.

Cindy Cooke, Senior Executive Vice President, and Brad Cooke, Senior Vice President, with Colliers International in Phoenix handled the transaction for seller, San Diego-based, Paragon Sienna, LLC an affiliate of Paragon Management Company.

Cindy Cooke can be reached at 602.222.5039 and Brad Cooke is at 602.222.5088.

To learn more see RED Comp #3245.

Valley of Oro Retail, LLC purchased a 10,599 square foot retail building on 1.43 acres at 10875 and 10885 N. Oracle Rd. in Oro Valley. The property was purchased from Oracle at La Reserve, LP for $3,990,000 ($376 PSF).

Corner outparcel of Home Depot Plaza. Two freestanding buildings, 5,144-square-feet for Big O Tires and 5,445-square-feet for Bedmart, totaling 10,599-square-feet. Both tenants are in their second term.

Started in Portland, Oregon in 1992, the typical BedMart location is roughly 5,000 square feet with about 55 beds on the floor. The retailer carries brands from a wide range of mattress manufacturers: Tempur-Pedic, Serta, Kingsdown, Pure LatexBLISS, Five Star, Sleep Harmony, Corsicana, Northwest Bedding and Easy Rest, though not all brands are on the floor of every store.

The Big O Tires story begins back in 1962, just as America’s new love affair with the automobile was hitting high gear. The market for replacement tires was exploding, and independent tire dealers found themselves struggling to compete in the face of low prices offered by major tire manufacturers’ own company stores. Big O’s founding fathers were a handful of progressive independent tire dealers who decided to band together to form a tire-buying cooperative so that they could secure volume pricing and keep their customers happy. Their concept worked. In the years that followed, The Big O Tires co-op evolved into a full-fledged franchise as it continued to find innovative ways to harness the power of the collective to benefit independent dealerships and their customers.

Aaron LaPrise and Greg Furrier, Retail Specialists with Cushman & Wakefield | PICOR, represented the buyer and Kirk Costich with Southern Arizona Real Estate Partners, represented the seller in this transaction.

To learn more LaPrise and Furrier can be reached at 520.748.7100 and Costich should be contacted at 520.290.9522.

See also RED Comp #3315 for additional information.

Hacienda Del Oro Holdings, LLC of New Jersey purchased Alvernon Hacienda Apartments, a 36-unit apartment complex at 3949 E. Monte Vista Dr. in Tucson from California-based Alvernon Hacienda Properties, LP (David Silverstein) for $885,000 ($23,611 per unit).

This Low Income Housing (LIH) project has been in service since 1993 and has a total of 36 low income units, which is slightly less than other LIH properties. The unit mix comprises 24 studio apartments and 12 three-bedroom units in the 21,984-square-foot apartment building on a .93 acre lot.

Nearby schools include Academy Adventures Midtown, Davidson Elementary School and Outer Limits School. The closest grocery stores are Catalina Market, Walmart Neighborhood Market and Friendly Market. Nearby coffee shops include The Coffee Loft, Raging Sage Coffee Roasters and 7-Eleven. Nearby restaurants include Le Rendez-Vous, Cinco De Mayo and Little Caesars Pizza.

Located near McCormick Park, Mehl Foothills Park and LaMadera Park, the area has excellent bike lanes and flat terrain for bicyclists.

Allan Mendelsberg, Investment Specialist with Cushman & Wakefield | PICOR, represented the buyer and the seller in this transaction.

Mendelsberg should be contacted at 520.546.2721 for more information.

To learn more see RED Comp #3367.