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.