TUCSON, AZ — The Quails (formerly Quails Meadow and Quails Park) sold to AWI Quails East LLC and AWI Quails West LLC, both affiliates of Alpha Wave Investors, LLC, (Jordan Fisher, manager) a Southern California-based private equity investment firm purchased 288-units in a bulk sale for $9.4 million ($32,639 per unit).
Located at 1120 and 1150 E Irvington Road in Tucson, with 288-units ranging from studios to two -bedroom / two bath units in five distinct floor plans.
Property is in Southwest Tucson, near Raytheon, Tucson International Airport, Arizona Daily Star and many other businesses the property is minutes from I-10 and I-19.
Built in 1984 and 1985, residents enjoy a variety of community amenities, such as, a sparkling, pool, enjoy the B.B.Q grills and picnic areas. Select units include vaulted ceilings, a walk-in pantry, and all units have dishwashers, a patio or balcony.
Buyer also owns a property management firm, Next Wave Property Management (NWPM) that is also an affiliate of Alpha Wave Investors LLC, that earlier this year acquired Scottsdale, Arizona-based Silver Mountain Real Estate Group, a leading manager of apartments, homeowners’ associations and single family investment properties in the rapidly-growing Arizona market. The acquisition expanded NWPM’s geographic presence and solidified its position as a leading multifamily real estate services company in the Southwest region, managing properties in Arizona and Nevada.
This is the second multifamily property acquisition in the Tucson market for buyer. AWI bought Villa Pacifica Apartments with 176-units in July. See Real Estate Daily News, Value-Add Villa Pacifica Apartments in Tucson Sells for $5.48 Million for full story.
Art and Clint Wadlund with Berkadia Real Estate Advisors in Tucson handled the sale for the seller, Quail Meadow Partners LLC & 3932-3936 Sepulveda Blvd LLC of Southern California (Milton Mabry, Jr., manager).
For additional information, Art Wadlund can be reached at 520.299.7200 and Clint Wadlund is at 520.529.9206.
To learn more, see RED Comp #4139.