TUCSON, Arizona — Long Beach, California investors, HSG Tucson, LLC (Scott Hamilton, manager) bought 54 condos at The Greens at Ventana Canyon, 5800 N Kolb Road in Tucson. Built in 1986 for apartments, and condominium converted in 2006, this class A property has 265 total units. The 54 condos commanded a sale price of $4.99 million ($92,444 per unit) in an all-cash deal.

The units were a mixture of  two- and three-bedrooms floor plans both upstairs and downstairs units.

Designed at the base of the Catalina Foothills, The Greens share the magnificent grounds of the world-famous Lodge at Ventana with its 36 holes of golf, Tom Fazio’s two 18 hole championship courses (Mountain and Canyon). Winding through the canyons and arroyos of this 600-acre desert preserve are which have won numerous awards as the best in the country. The Lodge has been a prestigious AAA Four Diamond property for 20 consecutive years.

Large apartment homes of The Greens include thoughtfully-planned kitchens, spacious walk-in closets, plush wall-to-wall carpeting and more. Surrounded by twenty-one beautiful, lush acres; The Greens connect residents to amazing recreational outdoor activities. There are three sparkling pools, an impressive state-of-the-art fitness center and access to hiking trails through the Catalinas.

The ABI Multifamily Team of Alon Shnitzer, Senior Managing Partner; Lance Parsons, CCIM, Senior Vice President; Rue Bax, Senior Managing Partner; and Ryan Kippes, Vice President, negotiated for the seller, Ventana 20/20 LP of Vancouver, BC, Canada (John Murphy, president).

“The buyer, a California investor, was attracted to the property for a whole host of reasons,” states Lance Parsons, CCIM, Senior Vice President at ABI in Tucson and co-lead broker on the transaction. “Primarily, the buyer purchased for resale value, although some of the condos were rented at time of sale.”

For more information, Parsons should be contacted at 520.265.1945, Kippes can be called at 520.265.1895, Shnitzer is at 602.714.1283, and Bax can be reached at 602.714.1406.

To learn more, login and see RED Comp #4397.

[mepr-show rules=”58038″]Closing date: 12/23/2016. Exact sale price: $4,992,000. Seller had paid $31,350,000 $118,302 per unit in 2005 when it purchased the 265 units.[/mepr-show]

TUCSON. Arizona  – Located less than one half mile south of The University of Arizona Campus, Cherry Park Studios student housing complex closed for $2.695 million ($165.32 PSF / $158,500 per unit).

Cherry Park Studios consists of 17 student housing apartments. The property was originally built in 1952, then expanded by the American Red Cross in 1985. Roja Cruz Apartments, LLC purchased the building in 2012 and completely gutted it, leaving only the original brick walls and rafters. Renovations were completed in 2013. The property was 95% occupied at close of escrow, with 40 of 42 beds currently rented by students at The University of Arizona.

Zack Mishkin and Jamie Canute at ORION Investment Real Estate represented the Seller in this transaction – Roja Cruz Apartments, LLC, an Arizona entity. Nevada-based Riverhill Drive, LLC was the Buyer, represented by Chris Cunning at Marcus & Millichap out of Las Vegas.

“CPS was one of the most unique properties I’ve had the pleasure of listing,” Zack Mishkin said. “The Owners took an abandoned Red Cross building and turned it into a premier luxury apartment complex, catering to students at the University of Arizona. The beautiful design, unique character, and meticulous craftsmanship helped us obtain a benchmark price of over $158,000 per unit. It is a spectacular trophy property that any owner would love to have in their portfolio. We had a blast marketing this property and obtaining a huge figure for the Seller,” Mishkin continued.

For more information Mishkin can be reached at 480.634.6934 and Canute is at 480.634.6934. Cunnings should be contacted at 702.215.7116.

To learn more, see RED Comp #4383.

Tucson, Ariz.—Berkadia recently arranged the sale of Mirabella Apartments, a multifamily property in Tucson, Ariz., for $16.2 million ($40,399 per unit). Senior Managing Director Art Wadlund and Associate Director Clint Wadlund of the Tucson office led the team that completed the transaction. The property was sold by Salt Lake City-based Bridge Investment Group (Jonathan Slager, CIO), and the buyer was Avenue North (Ryan Hartman, manager) of Mesa, Ariz.

Built in 1974, the property is located at 1345 S. Kolb Road and offers 401 studio, one-, two- and three- bedroom units. Property amenities include a clubhouse, business center, four swimming pools with two spas and laundry facilities, among others. Mirabella Apartments is close to major thoroughfares such as Kolb Road and 22nd Street, and is also near Arizona State Route 10.

“Avenue North has a history of owning fairly similar properties and felt that they could improve operations with a more ‘hands-on’ management approach. They also like the dynamics of the Tucson apartment market,” Art Wadlund said in prepared remarks.

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