FW Group of Mercer Island, Washington (Mike Wensman, manager) paid $29.25 million ($68,986 per unit) for The Overlook at Pusch Ridge Apartments plus $30.8 million ($85,556 per unit) for Harrison Park Apartments in Tucson. The two Tucson apartment communities were sold to the same buyer and same seller for an aggregate amount of $60.05 million

Formerly known as Sun Tree Village, The Overlook at Pusch Ridge has 424-units in 29 two-story buildings, with 355,188-square-feet on 16 acres at 8851 North Oracle Road, Oro Valley, in the northwest submarket of Tucson. The unit mix is 45% one-bedrooms, 13% two-bedroom / one bath, 42% two-bedroom/ two baths and one unit with three-bedroom/two baths.

Amenities at The Overlook include a dog park, fitness center, on-site maintenance, community BBQ grill/area, central air conditioning, business center with equipment, spa, near bus line, six pools, well maintained grounds, short term furnished units, covered parking, and 24-hour emergency maintenance.

Harrison Park Apartments has 360-units in 322,636-square-feet, with 16 two-story buildings on 14 acres at 350 N Harrison Road in the eastern submarket of Tucson. The unit mix is 37% one-bedroom/one bath, 45% two bedrooms / two baths, and 18% three-bedrooms/two baths.

Amenities at Harrison Park include a curtesy patrol, vending machines, two pool and spas, business center with equipment, covered parking, community BBQ / Grill area, short-term leases, well maintained grounds, green and flowered areas, state of the art fitness center, 24-hour emergency maintenance, and two dog parks.

The seller, an affiliate of the Prime Group based in San Francisco (John Atwater, CEO), is one of the largest private owners of multifamily rental communities in the United States. Its current portfolio contains approximately 21,000 units. Prime Residential maintains a strong internal management capacity to maximize investment success.

Prime was represented by Art and Clint Wadlund of Berkadia Real Estate Advisors in Tucson.

For additional information the Art Wadlund should be reached at 520.299.7200 and Clint Wadlund is at 520.529.9206.

To learn more, see RED Comp #3628 and #3629.

Rita & Houghton, LLC, an investment group formed by three companies, Old Lobos an affiliate of the Ault Companies (Ron Ault, manager), Aspen Enterprises of Scottsdale, a private equity firm (Don Meyers, manager) and Newquist Family Trust (Dave Newquist, trustee) sold the Shoppes at Rita Ranch in Tucson to GTT The Shoppes at Rita, LLC an affiliate of Carbas Corporation (Lynn Morrison, president) for $12.75 million ($389.55 PSF).

The 32,730-square-foot neighborhood retail center is anchored by Fry’s Marketplace excluded from the sale as were two out pads, Bank of America and Carl’s Jr. restaurant. The sold property was developed by the sellers in 2005, located at the northwest corner of Rita and Houghton Roads, at 8110 – 8160 S Houghton Road in Tucson. The center was 93% occupied at time of sale and had a historically very low turn-over rate.

Tenants at the center include Pizza Hut- Wing Street, Brueggers, Baskin Robbins, Subway, Great Clips, Verizon, Eva Nails, Sally Beauty, Zona Fitness and Pacific Dental in four buildings.

The Ault Companies, one of the sellers, specialize in the direct development of high-quality, community-based retail and small office destinations throughout Arizona. Notable projects include: The Shoppes at Tangerine Crossing, Villagio, The Shoppes at Rita Ranch, Heritage Plaza Shoppes, The Shoppes at Buckeye Market Place, Rancho del Lago-Walgreens, and Cimarrona.

Ryan Schubert and Michael Hackett with Cushman & Wakefield handled the transaction for investors and seller. The buyer, Lynn Morrison, is also a licensed real estate broker in Scottsdale.

For additional information Schubert and Hackett should be reached at 602.224.4468, Morrison is at 480.991.4700 and Ault can be contacted at 602.469.5505.

To learn more, see RED Comp #3558.

Boulder Oro Valley (Ross Rulney and Malcom Berman, managers) sold a one acre finished pad at The Canyons for $950,000 ($22 PSF) to FFG Development of Utah for a 4,050-square-foot Kneader’s Bakery & Cafe.  Located in the new The Canyons Retail, a 40,000-square-foot retail property at 9600 N Oracle Raod,  adjacent to the new Canyons at Linda Vista Trail Apartments at 9750 N Oracle Road in Oro Valley, also owned and developed by Boulder Oro Valley.

Nestled at the base of the Pusch Ridge Mountain, this upscale lifestyle apartment community will offer 228 luxury apartment units that will be 37% one-bedrooms, 50% two-bedrooms and 13% three-bedroom units. The Canyons at Linda Vista Trail features all stainless steel appliances, wood flooring with plush designer carpet in the bedrooms, and full-size front load washer & dryer. The community has a resort-style pool & spa, state-of-the-art fitness center, resident activity center, business center / lounge area, hiking trails, pet park, tennis and golf. Located close to shopping & restaurants and in the Oro Valley School District.

Canyons at Linda Vista Trail Apartment Community is scheduled to open by April. The Canyons Retail should follow shortly and is just taking form, with Kneader’s the first commitment and other serious interest being shown by several grocery stores and others.

The site was formerly known as El Corredor that was at one time split and sold for a hotel site. Boulder Oro Valley reassembled the 20-acre site for this intended multifamily and retail / office mixed use development at the northeast corner of Oracle and Linda Vista, along major trade route, Oracle Road in fast growing Oro Valley.

The apartments will be self-managed by Madera Management. Readers can learn more by visiting www.LivingAtTheCanyons.com or by calling 520.812.7887.

The Canyons retail is being represented by Debbie Heslop with Volk Company in Tucson. Heslop should be reached at 520.326.3200.

Greg Furrier of Cushman & Wakefield Picor of Tucson represented the seller in the sale to  Kneaders and can be contacted at 520.546.2735.

To learn more, see RED Comp #3566.