The Villas at Roger Road at 3985 N Stone Avenue in Tucson sold for $5.685 million ($24,500 per unit) in a value add investment sale. The property was lender owned when it sold to Equilibrium Villas, LLC (Sasonias Astatke) of Washington, DC.

Built in 1984, the complex has 232-units in nine, 2-story, buildings and a unit mix of 38% – (88) 1-bedroom,  62% – (72) 2-bedroom/1 bath and (72) 2-bedroom/2 bath units.  The 129,389-square-feet of improvements sit on 6.85 acres at the southwest corner of Stone and Roger. Common amenities include a pool with a newly resurfaced deck, new pool furniture, and a shaded pavilion. The property also has a basketball court, laundry facility, outdoor barbeques and picnic areas, a gated pet run, gated access, and separate clubhouse with Wi-Fi, billiards, ping pong, and a lounge area with a flat-screen television.

The property sold with 20% vacancy, stabilized from 40% after returning to the lender about a year ago. It is the buyer’s intention to add value for resale.

Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International in Phoenix handled the transaction for lender, Ocwen Loan Servicing, and the investor.

To learn more contact Hahn at (602) 222-5105, Sherman at (602) 222-5109 and Koskovich is at (602) 222-5145.

Glendale, Arizona – A privately held company formed by RK Properties of Long Beach, Calif. (William Rance King, Jr., manager) paid $21.2 million ($50,476 per unit) to acquire the 420-unit Northern Greens apartments located at 8150 N. 61st Avenue in Glendale. The complex was built in 1988.

The seller was GA Northern Greens LLC, a company formed by Principal;Real Estate Investors LLC in Des Moines, Ia. The Principal Real Estate Investors entity took title to Northern Greens through a deed-in-lieu of foreclosure from the previous owner.

RK Northern Greens Apartments LLC acquired the property with a $11.75 million loan from BB&T Real Estate Funding LLC of Chicago, Ill. I

RK Properties is reported to own 1,770 apartments in the Phoenix area and has multi-family properties in California, Colorado, Utah, Nevada and Florida. RK Properties is interested in buying additional apartment projects in the Valley.

The deal was brokered by Bill Hahn, Jeff Sherman, and Trevor Koskovich of Colliers International in Phoenix.

Find out more, King can be contacted at (800) 677-7333. The Colliers agents can be reached at (602) 222-5000.

Weidner Investment Group of Kirkland, Wash., acquired the 220-unit Paradise Falls, located at 15434 N. 32nd St. in Phoenix, for $10.4 million, or $47,272 per unit. The seller was Aslan Realty Group of Irvine, Calif.

Paradise Falls is a two- and three-story community consisting of 15 buildings on 7.91 acres with 181,374 net rentable square feet. The majority of the property was built in 1986. In 1997, the property was expanded. The unit mix is approximately 55 percent one-bedroom and 45 percent two-bedroom, ranging from 564 square feet to 1,164 square feet. Approximately 23 percent of the apartments have wood-burning fireplaces.

Common amenities at Paradise Falls include two swimming pools, a spa, fitness center, business center, a lounge area with a large screen television and outdoor barbecues. The complex has 220 covered parking spaces, plus 127 open parking spots.

Mentor Properties of Scottsdale acquired the 288-unit Canyon Place, located at 4715 N. Black Canyon Highway in Phoenix, for $7.6 million, or $26,496 per unit. The seller was Canyon Place Apartments LLC of Los Angeles.

Canyon Place is a two-story apartment community consisting of 18 buildings on 9.98 acres with 192,600 net rentable square feet. Built in 1985, the unit mix is approximately 13 percent studios, 50 percent one-bedroom and 37 percent two-bedroom, ranging from 450 square feet to 950 square feet.

Common amenities at Canyon Place include two swimming pools, a spa, playground area, two laundry facilities and outdoor barbeques. The complex has 288 covered parking spaces, plus 45 open parking spots.

Bill Hahn, Jeffrey Sherman and Trevor Koskovich of the HSK Multifamily team at Colliers International in Greater Phoenix represented all parties in both transactions.

Hahn had this to say about the Paradise Falls sale, “The opportunity to make small capital improvements combined with the property’s good physical condition and high occupancy rate of 95 percent attracted Weidner to Paradise Falls as a solid investment.”

“Canyon Place represents a high-quality rental property and strong value for residents in the immediate submarket. In addition, recent capital improvements including new roofs, covered parking and air conditioning units drew Mentor Properties to Canyon Place,” Koskovich said.

Hahn, Sherman and Koskovich specialize in the sale of multifamily investment real estate in the Southwest. Colliers HSK Multifamily is positioned within the marketplace as a service intensive operation serving the private and institutional capital markets.

Hahn can be reached at (602) 222-5105, Sherman should be contacted at (602) 222-5109 and Koskovich is at (602) 222-5145.