TUCSON, Arizona – The Marcus & Millichap Real Estate Investment Services Team of Hamid Panahi, Steve Gebing and Cliff David closed on the Sunflower Apartments at 6502 E Golf Links Road in Tucson for $6.67 million ($46,300 per unit).

The seller of the 144-unit complex was GR Partners Sunflower, an affiliate of GR Capital of Colorado. The buyer, Veterans Parkway of California is a private investor.  The property was built in 1983 on 4 acres and was 96% occupied at time of sale.

“Since acquiring the property in 2015, the ownership invested capital towards exterior and interior enhancements, improving the presentation of the property while simultaneously minimizing the future capital cost exposure for the new owner,” said Panahi. “The buyer benefits from adding to their existing footprint within the submarket, while benefiting from operational efficiency.”

Sunflower is a gated community in the Eastern submarket of Tucson. Some of the Community amenities include: fitness center, pool & spa, sports court, playground, reserved covered parking, barbecue grills, 24-hour laundry, 24-hour emergency maintenance.

Unit amenities include: individual A/C units, vaulted ceilings, garbage disposals, dishwashers, electric stoves, and free Wi-Fi in unit.

For more information Panahi, Gebing and David can be reached at 520.719.6511 in Tucson.

To learn more, login and see RED Comp #5263.

[mepr-show rules=”58038″]Sale date: 10/4/2017. Sale price: $6,668.800 with $3,318,000 down. Document #2017-2770554. Property sold at a reported 5.83% cap rate.[/mepr-show]

TUCSON, Arizona – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of a three-property, 812-unit portfolio of multifamily assets in Southern Arizona. The portfolio sold for $70,225,000, or $86,484 per unit.

Bascom Arizona Ventures acquired the three apartment communities located in Tucson & Sierra Vista, Arizona. Bascom Arizona Ventures assumed existing HUD loans for all three properties. Hamid Panahi of Marcus & Millichap represented the buyer and seller in the transactions.

“Multifamily property fundamentals in Southern Arizona have rebounded triumphantly due to stabilization in the single-family housing market and positive strides in the job market,” commented Hamid Panahi, first vice president investments. “Investors are attracted to the Tucson market because of its strong apartment fundamentals and higher yields than are available elsewhere.”

Panahi, Steve Gebing, senior managing director, and Cliff David, senior managing director, with IPA at Marcus & Millichap, represented the seller, a private investor, and procured the buyer, Bascom Arizona Ventures.

All three properties offer a resort-style swimming pool, relaxing spa, 24-hour fitness center, business center, and private garages. Residents at Summit Vista (288 units) at 4701 W Linda Vista Blvd. in Tucson was built in 2008 and Crescent Ridge (272 units) at 3980 W Linda Vista Blvd. in Tucson was built in two phases (2001 & 2008). Both enjoy easy access to Interstate 10 and are proximate to some of the area’s largest employers, as well as a plethora of retail, dining, and entertainment options. Also built in two phases (2004 & 2008), Port Royale (252 units) at 1201 North Colombo Avenue in Sierra Vista, AZ is proximate to Ft. Huachuca, the largest military installation in the state.

Summit Vista and Crescent Ridge are located within the rapidly growing North Tucson submarket with close proximity to key employment draws, including Northwest Medical Center, Foothills Mall, and Arizona Pavilions shopping center.

Port Royale is situated near Fort Huachuca, Cochise College, and the University of Arizona South Campus.

The purchase comes on the heels of Bascom’s recent acquisitions of Springs at Silverbell, a 290-unit “Class A” community, and Springs at Continental Ranch, a 196-unit “Class A” community, both located in northwest Tucson, as well as La Entrada, a 186-unit community located near downtown Tucson.

For more information, Panahi should be reached at 602.687.6649, Gebing can be contacted at 602.687.6771 and David is at 602.687.6763.

To learn more, see RED Comp #5231.

TUCSON, Arizona — Las Villas De Kino Apartments I & II, a 348-unit apartment community at 5515 S Forgeus Avenue in Tucson, AZ. The property is conveniently located close to I-10 and I-19, local schools, attractions, and entertainment and sold recently for $21 million ($60,345 per unit).

The buyer is a Chicago investor, LCA LVDK, LP, and the seller, Las Villas de Kino, LP of Tucson.

Las Villas De Kino was built and placed into service in 1998 & 1999, with 29 buildings totaling 267,375-square-feet on 17.95-acres, under the Section 42 Low-Income Housing Tax Credit (LIHTC) program and sold with an existing regulatory agreement in place which requires 322 units to be rented to income qualifying residents. The remaining units are to be rented at market rate. It was fully occupied when it sold.

The property offers one-, two-, and three-bedroom apartment homes featuring open floor plans with a full appliance package and private patio/balcony. The community amenities include a clubhouse, on-site laundry facilities, basketball court, picnic area with BBQ, swimming pool, fitness center, playground, business center, and courtesy patrol.

The Tucson region slated to lose 220 affordable housing units by 2018 and an additional 204 units by 2020 made the property even more appealing to the buyer.

The Low-Income Housing Tax Credit (LIHTC) program is currently the country’s most extensive affordable housing program. The program was added to Section 42 of the Internal Revenue Code in 1986 in order to provide private owners with an incentive to create and maintain affordable housing.

Investors buy income tax credits in qualified properties that have received state allocation, creating cash equity for owners that reduces project development debt burden. In exchange, the owner agrees to rent a specific number of units to qualified tenants at specified rents, usually below-market.

Jeff Irish with LIHTC Advisors of Boise, ID which specializes in Low-Income Housing Tax Credit investments represented the seller in cooperation with Hamid Panahi, Cliff David and Steve Gebing with Marcus & Millichap in Phoenix

For more information, Panahi, David and Gebing should be reached at 602.687.6700 and Irish can be contacted at 800.840.3021 ext. 2.

To learn more see RED Comp #5019 and check RED Listing Registry often for similar properties available.