Lee & Associates Arizona brokers sale of Connect on Union for $16.5M

Connect on Union, 2311 E. Union Hills Dr., Phoenix

Phoenix, Arizona – Lee & Associates Arizona brokered the sale of Connect on Union in Phoenix for 16.5 million. Lee & Associates Principal Todd Braun represented the seller, Union Hills Equity LLC, and the buyer, Western Wealth Capital, was assisted by Ric Holway of Berkadia Real Estate Advisors.

Located at 2311 E. Union Hills Drive, the 146-unit, two-story apartment complex built in 1985 boasts a strong location and proximity to large employment generators such as: Paradise Valley Community College, American Express, Mayo Clinic and Deer Valley Airport. The property also provides a value-add opportunity through unit interior upgrades while providing the purchaser a stable and improving operational track record.

“The Connect on Union apartments offering received significant investor interest due to the chance to acquire a well-located asset with a value add opportunity,” said Braun. “Of the offers received, the seller selected the Western Wealth Capital offer because they have a very strong reputation as being a buying entity that is a proven performer and has arguably been the largest buyer of non-institutional grade multifamily properties in Arizona during the last two years.”    

For more information on the property, visit www.leearizona.com, or contact Braun at (602) 474-9550.




Avilla Marana I & II Sell for $45.44 Million

TUCSON, Ariz. –  Two multifamily properties, Avilla Marana I and Avilla Marana II, totaling 284-units sold for $45.44 million ($160,000 per unit). The multifamily properties are located at 4050 and 4115 West Aerie Drive in Marana, AZ.

Senior Managing Director Art Wadlund and Associate Director Clint Wadlund of Berkadia Real Estate Advisors in Tucson completed the deal on behalf of the buyer, California-based M3 Multifamily, LLC and the seller, Alta Vista Communities of Arizona, a joint venture of Karber Holdings (Roger Karber) and Brav Holding Company (Garry Brav) an affiliate of BFL Construction.

Seller has retained 27 acres at the site on Aerie Drive for future construction of another 500- units.

The buyer is a Santa Barbara, California company, M3 Multifamily, LLC. Formed in 2008 by John Mosby and Jon Martin for the purpose of acquiring, renovating and managing existing apartment communities in the United States in order to create cash flow and profits for their investors. Since then M3 has grown steadily, and currently owns/manages communities in Austin, San Antonio, Nashville, Reno, and Tucson.

This transaction represents the fourth acquisition for M3 Multifamily in Tucson from the same seller. It also owns Aerie at Tanque Verde, an 85-unit detached luxury rental community, located at 2495 N Desert Links Drive in Northeast Tucson purchased in 2013; Avilla River luxury rental community, a 76-unit community at 1000 W River Road, Tucson sold in 2014; and Avilla Preserve Orange Grove, a 184-unit luxury rental community, located at 2501 W Orange Grove Road, Tucson was acquired in 2015.

“The buyer was attracted to the properties for multiple factors, mainly the single-story apartment home concept,” said Art Wadlund referring to the latest transaction. “The homes are ideally located in the I-10 and Ina/Thornydale corridor and have many features similar to custom homes.”

Avilla Marana I and Avilla Marana II are adjacent properties. Avilla Marana I sold for $26.56 million, and Avilla Marana II sold for $18.88 million in two separate transactions. Both properties feature one-, two- and three-bedroom floorplans with high ceilings, custom cabinetry, in-home alarm systems, stainless steel appliances and granite countertops. Residents can also enjoy a resort-style pool, a gated neighborhood and garages.

For additional information, Art and Clint Wadlund can be reached at 520.299.7200 and Karber is available at 520.977.5456.




The Quails Apartments Sell for $9.4 Million in Tucson

quails-apart
The Quails Apartment, 1150 E Irvington Rd., Tucson, AZ

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.