Rio Properties an affiliate of HSL Properties, Inc. (Humberto Lopez, principal) sold Posada Del Rio Apartments at 7424 E Speedway Blvd. in Tucson for $8.1 million ($50,625 per unit) for the 160-unit apartment complex (built 1980) and purchased The Station on Central, a 414-unit apartment complex (built 1999) at 4140 N Central Avenue in Phoenix for $53 million ($128,019 per unit).

The buyer of the Tucson property was Radium Investments I, LLC (Kevin Szymanski, principal) of Phoenix. The seller of the other was North Central Avenue Apartments LLC, formed by Baron Properties in Greenwood Village, Colo. (J. Jeffrey Riggs, Scott Fisher, T.J. Tarbell, principals).

Maricopa County records show HSL Station on Central LLC, an affiliate of HSL, acquired the project with a $39.24 million loan from Compass Bank. In May 2011, the Baron Properties company paid $36.5 million ($88,164 per unit) to buy The Station on Central. The complex was originally named Jefferson on Central.

The Class A property is just north of Indian School Road and is adjacent to a METRO light rail station. The luxury one-, two- and three-bedroom units fit in well with HSL Properties 10,000 + unit multifamily portfolio.

With the acquisition of The Station on Central, HSL Properties owns 42 apartment projects in Arizona. Of those, 8 are located in the Phoenix market, 32 are in the Tucson area and the privately-held HSL has 1 multifamily community in Casa Grande and 1 in Yuma.

The Phoenix transaction was negotiated through Brad Goff, Dave Lord of Apartment Realty Advisors in Phoenix. The Tucson deal was handled by Art Wadlund of Berkadia Real Estate Advisors in Tucson

HSL Properties is looking to buy additional apartment projects in Arizona.

To find out more Omar Mireles of HSL Properties can be contacted at (520) 322-6994. Or learn more by Goff and Lord at (602) 252-4232. Wadlund should be reached at (520) 299-7200.

Scottsdale – Tucson-based, HSL Properties, Inc. (Humberto Lopez, principal) sold two apartment projects in Scottsdale totaling a combined 488-units for $50.5 million. The Scottsdale properties are the first direct multi-family acquisitions in Arizona for New York Life Investors, which is a wholly-owned subsidiary of New York Life Insurance Company. Various New York Life entities have previously made loans backed by Valley apartments and the company also holds interests in office project in the Phoenix area. New York Life Investors is interested in buying additional apartment properties in the Arizona. Brad Goff and Dave Lord of Apartment Realty Advisors of Phoenix represented the seller in both transactions.

The two transactions closed last Thursday, in which Madison-MF Casa Sante Fe AZ LLC (New York Life company) paid $29.245 million ($110,777 per unit) to acquire the 264-unit Casa Santa Fe apartments at 11105 N. 115th Street in Scottsdale. The seller was HSL Casa Sante Fe Properties LLC. And in a $21.255 million sale ($94,888 per unit), Madison-MF Cabrillo AZ LLC purchased the 224-unit Cabrillo apartments located at 11620 E. Sahuaro Drive in Scottsdale. HSL Casa Sante Fe Properties was also the seller. HSL Properties had paid $28.6 million to purchase both Cabrillo and Casa Sante Fe just over four years ago. In January 2010, HSL paid $12.6 million ($56,250 per unit) to acquire Cabrillo. In December 2009, HSL paid $16 million ($60,606 per unit) to purchase Casa Santa Fe. Both of the apartment projects were developed in 1987 by Fairfield Residential Inc. of San Diego. With the sales to New York Life, HSL Properties still owns 10,000+ apartment units in 39 projects located in the Phoenix and Tucson areas. Omar Mireles, Vice-President of HSL Properties says the company is looking to buy additional apartment projects in Arizona. The contact at New York Life Investors is Chris Hunt, he can be reached at (415) 402-4109. Call Mireles at (520) 322-6994. Goff and Lord are at (602) 252-4232.