TUCSON, ARIZONA — Berkadia recently handled the $37.25 million ($103.472 per unit) sale of Mission Palms, a garden-style multifamily property located in Tucson, Arizona. Senior Managing Director Art Wadlund and Associate Director Clint Wadlund of the Tucson office represented both the buyer, ROC Senior Living, and the seller, Stoneweg US LLC. The deal closed on July 31.

Located at 951 Orange Grove Road, the 360-unit property features one- and two-bedroom floor plans. Apartments come ready with dishwashers, air conditioners, refrigerators, carpeting, garbage disposals, extra storage, private patios and washer and dryer units. Residents enjoy amenities such as a business center, barbeque and picnic area, courtyard, fitness center, monthly resident events, on-site maintenance, playground, putting course, renovated clubhouse, two swimming pools, soccer field, spa and fire pit. Mission Palms also provides quick accessability to the nearby Catalina Foothills and downtown Tucson.

The two-story 372,928-square-feet class-B complex has 92 masonry buildings on 28.7 acres. Built in 1978, the community consist of 33% one-bedrooms and 67% two-bedrooms floor plans. The one bedrooms are 754 square-feet and the two-bedrooms range in size from 1,140 square-feet to 1,309 square-feet.

The property includes such amenities as two pools, tennis courts, a clubhouse, a putting green, a one-mile walking trail and as much citrus as one can manage to collect. In addition to year-round good weather, residents are also given a complimentary membership to a local gym.

“We’ve seen strong apartment demand across the Tucson market all year,” Art Wadlund said. “Mission Palms was a great investment opportunity due to the quality of the property and the various amenities that attract a strong renter community.”

For more information, Art Wadlund should be reached at 520.299.7200 and Clint Wadlund is at 520.529.9206.

To learn more, login and see RED Comp #5057.  or to see more listings like this go to RED Listing Registry.

TUCSON, ARIZONA – Vice President David Blanchette, CCIM, of the NAI Horizon Tucson office negotiated the $1.14 million ($194 PSF) acquisition of a 5,874-square-foot retail property at 522 N. 4^th Ave., in Tucson.

NAI Horizon represented the seller, Stan S. Katz of Encinitas, Calif., in the transaction. Doug Jones of RE/MAX Alliance Group in Gilbert represented Avtar C. Verma of Paradise Valley, Ariz., the buyer.

“Over the past three years we have seen a steady increasing interest in the 4^th Ave. entertainment corridor for investors and local merchants,” Blanchette said. “With the completion of the Light Rail Modern Street Car and the massive infusion of capital to the Downtown Tucson renaissance, 4^th Avenue is ready for its own resurgence.

“Successful restaurants and merchants are expanding like Boca Tacos and Lindy’s, and Creations Boutique, which is owned by Mr. Verma. I expect to see 4^th Avenue expand its diverse and eclectic mix of restaurants, shops, and clubs to meet the growing downtown population,” Blanchette said.

For additional information, Blanchette should be reached at 520.729.1697 and Jones can be contacted at 480.892.5300.

To learn more, see RED Comp #5062 or to see more listing like this go to RED Listing Registry.

TUCSON, ARIZONA – Epic Real Estate Partners purchased Ventana Village, a 110,116-square-foot grocery-anchored neighborhood center at 6860-6920 East Sunrise Drive in Tucson, Arizona for $21.55 million ($196 PSF).

Strategically positioned at the intersection of Sunrise Drive and Kolb Road, Ventana Village is 90.8% occupied and anchored by a high-performing Basha’s Supermarket in 52,556-square-feet, Tuesday Morning in 9,972-square-feet, Risky Business in 6,069-square-feet and Wells Fargo bank in 3,529-square-feet.

The center was built in 1994 on 11.88-acres and serves Catalina Foothills and Sabino Canyon, among Tucson’s most affluent neighborhoods, with an average household income exceeding $110,000 within a one-mile radius.

Epic Real Estate Partners is a commercial real estate investment firm headquartered in Austin, Texas. In conjunction with institutional partners, Epic seeks value-add opportunities in grocery-anchored and power center retail in top 60 markets, select college towns and resort communities nationwide.

“This is Epic Real Estate Partners’ first acquisition in Tucson,” said Cody Perlmeter, Director of Legal and Asset Management. “We are excited about the opportunity the Basha’s anchored center offers. We love the real estate, and have already had most the company from Austin out to visit Tucson. The asset is higher occupancy than our typical properties.” Perlemeter refers to it as a “value-add-lite” asset.

CJ Osbrink and Gleb Lvovich, Investment Sales Advisors with HFF of Newport Beach, CA negotiated the transaction for the seller, Arnelli Ventana, LLC of Los Angeles, CA.

Property management will continue to be handled by Venture West of Tucson and leasing assignment is with Dave Hammack of Volk Company in Tucson.

For more information, Osbrink can be reached at 602.648.8715, Lvovich can be contacted at 949.798.4115 and for Epic Real Estate Partners, visit www.epicrepartners.com.

To learn more, login and see RED Comp #5059.

[mepr-show rules=”58038″]Sale Date 8/1/2017. APN: 114-15-597A. Property sold at a 6.55% cap rate.[/mepr-show]