Berkadia Brokers $122 Million in Tucson Apartment Sales

TUCSON, ARIZONA – Berkadia’s Art and Clint Wadlund of Tucson represented Gleiberman Investments, Inc. of San Diego (Mark Gleiberman, president) in the sale of two Northwest Tucson apartment communities for $37.43 million and represented Holualoa Properties in an additional three communities totaling $64.5 million.

ComCapp Elevation, LLC a Texas REIT purchased the following Tucson Portfolio:

  • Stoneybrook Apartments at 4225 North First Ave. in Tucson, a 411-unit complex, sold for $27 million ($65,693 per unit);
  • La Jolla de Tucson at 444 West Orange Grove in Tucson, a 223-unit complex, sold for $15.9 million ($71,300 per unit); and
  • Quail Ridge Apartments at 4500 East Sunrise Dr., a 253-unit complex, sold for $21.6 million ($85,375 per unit).

HSL Properties of Tucson (Omar Mireles, president) purchased the following Tucson Portfolio:

  • Casa Lindas Apartments at 699 West Magee Road in Oro Valley, a 144-unit complex, sold for $17.65 million ($122,569 per unit); and
  • Springhill Apartments at 8030 E Lakeside Parkway in Tucson, a 224-unit complex, sold for $19.775 million ($88,281 per unit).

“We were pleased to be able to purchase the two northwest Tucson properties,” Omar Mireles said. “We had looked at them when the MG Properties and Gleiberman Investments had purchased them in a portfolio along with three other properties that they are also selling.”

All of the properties were at or around 95% occupancy at time of sale. All closings were completed the same day, on June 28th.

Art and Clint Wadlund with Berkadia in Tucson and Rick Holway and Mark Forrester of Berkadia in Phoenix brokered both portfolios for the sellers. The investors were self-represented.

For additional information, Wadlund should be reached at 520.299.7200.

To learn more, see RED Comps #5956, #5957, #5950, #5951 and #5952.

 




MEB partners with NexMetro Sell 3 Phoenix Assets for $98M

PHOENIX, ARIZONA – NexMetro Communities partnered with MEB Management Services in 2014 to manage the lease-up and stabilized operations of their Avilla Homes Arizona portfolio. NexMetro recently sold three Arizona communities for $98 million.

Avilla Grace in Chandler, Arizona, a 194-home neighborhood, sold for $45 million; Avilla Heights, also in Chandler, a 116-home neighborhood, sold for $27.84 million; and Avilla Palm Valley in Goodyear, Arizona, a 125-home neighborhood, sold for $25.1 million.

“We are thrilled to be a part of NexMetro’s success with the innovative approach to rental housing,” said Melanie Morrison, Principal at MEB Management Services.

Transaction details:

  • Avilla Palm Valley: 4200 N. Falcon Dr., Goodyear; closed June 13; 125 homes, $200,800/door; buyer, New York-based RN Falcon, LLC.
  • Avilla Heights: 255 E. Chandler Heights Rd., Chandler; closed June 25; 116 homes; $240,000/door; buyer, single purpose entity formed by California-based The Certe Group.
  • Avilla Grace: 2121 N. Grace Blvd., Chandler; closed June 28; 194 homes, $232,000/door; buyer, entity of Illinois-based The Inland Real Estate Group of Companies, Inc.

NexMetro and its affiliated companies have been developing Avilla Homes neighborhoods with great success since 2010. These specialized Class A homes incorporate the perfect blend of a single-family feel with multi-family functionality.

With more than 4,000 homes completed, under construction, or in due diligence, NexMetro’s roots are in Arizona but the company is growing quickly with expansion planned along the entire Sunbelt region of the U.S.

Art Wadlund, Clint Wadlund, Rick Holway and Mark Forrester of Berkadia brokered the deal.




Berkadia Secures over $19 Million in financing for Enclave at the Foothills

Enclave at the Foothills, 7300 N Mona Lisa, Tucson

IRVINE, Calif. – Berkadia has announced the $19.17 million financing for Enclave at the Foothills, a multifamily garden-style property located in Tucson, Arizona. Managing Director Ed Kim of Berkadia’s Irvine, California office secured the refinancing through Freddie Mac. The borrower was Arizona-based HSL Properties, Inc., and the deal closed on May 31.

The 10-year loan features five years of interest-only at a 75 percent loan-to-value ratio and a 30-year amortization period.

“HSL acquired the property in early 2017 and obtained a floating-rate Freddie Mac Green Up loan through Berkadia. Over the course of 12 months, HSL was able to significantly improve the property’s operations and cash flow,” said Kim. “This allowed them to refinance the loan and repatriate their equity. Due to the long-standing relationship with Freddie, Berkadia was able to procure competitive terms for this property.”

Located at 7300 North Mona Lisa Road, the 300-unit property features studio, one-, two- and three-bedroom floorplans with air conditioning, in-unit washers and dryers and walk-in closets. Community amenities include a pool, a 24-hour fitness center and a playground. Enclave at the Foothills is less than a mile from the Foothills Mall, two miles from Tucson National Golf Course and eight miles from Saguaro National Park. Residents also have convenient access to Interstate Route 10.