TUCSON, ARIZONA – Sabino Canyon and Sun River Apartment Homes with an aggregate of 482-units sold recently to Atlanta-based Cortland Growth and Income Group for over $99 million ($205,500 per unit).

Cortland Sabino Canyon Apartments is located at 4880 N Sabino Canyon Road in Tucson with 188-units, minutes away from Sabino Canyon Recreation Area and Catalina Foothills Unified Schools. Built in 1988, the luxury community offers a world of opportunity near the Tucson foothills with scenic mountainside views and private patios and balconies for all the one- and two-bedroom apartments home.

The asset was purchased for $41 million ($218,100 per unit).

Sun River Apartment Homes is located at 5100 N La Canada Dr in Tucson with 294-units, at River and La Canada. Built in 1984, and features a choice of one- or two bedroom floor plans, three gorgeous swimming pools, lush landscaping, gated entry and easy quick access to the northwest, Tucson foothills, freeway, shopping malls, Northwest Hospital and  . Luxury extra-large apartments, ample storage space, full-size washer and dryer, outdoor patio or balcony come with views of the mountain views of the Catalina Mountains.

The asset was acquired for $58,050,995 ($197,500 per unit).

Art and Clint Wadlund with Berkadia Real Estate Advisors Tucson represented the seller, a private investor from Malibu, CA in the transactions.

This is the fourth Tucson apartment community acquired by Cortland. It also purchased Casas Lindas at 699 West Magee Road and Cortland on the Loop Apartments at 1925 W River Road a few months earlier. See Real Estate Daily News for earlier sale.

Cortland is a vertically integrated multifamily real estate investment, development and management company focused on delivering resident-centric, hospitality-driven apartment living experiences. Headquartered in Atlanta, Cortland manages and is invested in, directly or indirectly, nearly 200 apartment communities comprised of more than 65,000 homes in the U.S. with regional offices in Charlotte, Dallas, Denver, Houston, Orlando and Tampa. Cortland has significant experience in acquiring, developing, renovating, owning and operating multifamily communities leveraging the services of its construction, design, and property, asset and investment management affiliates. Internationally, Cortland operates a management and development platform in the UK. For more information, please visit cortland.com.

For additional information, Clint Wadlund can be reached at 520.615.1100 and Art Wadlund should be contacted at 520.299.7200.

To learn more, see RED Comp #9271 and #9272.

TUCSON, ARIZONA — Rocking K a new master-planned community in the southeast Tucson area of Vail, Arizona, at the foot of the Rincon Mountains near Saguaro National Park, has been selected as a site for a Moderne Communities’ latest build-to-rent.

Randy Bury, founder of Moderne Communities, a Paradise Valley developer, recently purchased 15.5-acres in Rocking K for $4.1 million ($6.07 PSF). The gated community will be the only build-to-rent community within the Vail master plan.

Plans are to break ground early next year on 224-units at Rocking K. As well as a developing 185-units on a 14-acre parcel in Tolleson, just west of Phoenix. These two build-to-rent projects are worth a total of $106 million.

Both communities will feature a resort-style pool, barbecue area and community fitness area, as well as pocket parks throughout the neighborhood. With 9-foot ceilings, all the homes will have their own backyards and doggie doors

The company’s first build-to-rent project in Las Vegas is 90% leased and over 80% occupied.  Bury expects leasing to be stabilized by the end of January, with rental rates ranging from $1,500 for a 1-bedroom unit to $2,325 for a 3-bedroom unit.

It’s too early to determine rental rates for the two new Arizona projects, but they likely will be somewhat similar to the Vegas community. The Tolleson and Tucson projects will also offer one-, two- and three-bedroom homes, and are expected to be ready for leasing in the Q1 2023.

The Tolleson community at the northeast corner of 97th Avenue and Roosevelt will be called Moderne at Roosevelt, while the Tucson project at 13350 Old Spanish Trail will be called Moderne at Rocking K.

Will White and John Carroll with Land Advisors Organization Tucson represented the seller, Diamond Ventures’ affiliate Rocking K Development, and the buyer was self-represented.

For more information, White and Carroll should be reached at 520.514.7454.

To learn more, see RED Comp #9357.

TUCSON, Arizona – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of three multifamily properties in Tucson, Arizona. The assets sold for $75.15 million. They are Hampton Park, a 160-unit property built in 1973, San Mateo, a 254-unit asset completed in 1987, and Solano Springs, a 152-unit apartment complex constructed in 1982.

“Hampton Park benefits from southeast Tucson’s highly diversified employment sector, access to the Broadway retail corridor, and 19.4% rent growth projections over the next 12 months,” explained Hamid Panahi, IPA first vice president. “San Mateo is situated near Interstate 10 access with proximity to Downtown Tucson’s burgeoning dining and cultural scene, and West Tucson, where rent growth is projected to be 17.2% over the next 12 months. Solano Springs’s upside is correlated to the Drexel Heights/Sahuarita submarket’s 18.5% projected increase in market rents over the next 12 months, direct Interstate 19 access for Tucson’s e-commerce boom, the reemerging southern commerce flow in and out of Mexico, and Spectrum Mall’s 1.1 million square feet of dining and retail options.”

Panahi and IPA’s Steve Gebing and Cliff David represented the seller, Monarch Investment and Management Group, and procured the buyer, Bridge Investment Group.

“Abundant capital investments from existing Tucson multifamily investors, as well as the addition of new market entrants, are projected to continue in the future,” Panahi continued. “This is due in large part to substantial rent growth supported by positive supply/demand metrics, net in-migration from coastal and midwestern cities, corporate expansion/relocations, and a rapidly growing, competitive and expensive single-family housing market.”