Monson Properties AZ LLC of Sacramento, CA (Paul Monson, manager) acquired Cordova Village Apartment Homes for $6.11 million ($19,200 per unit) at the end of March. On the basis of number of units and sale price, it is the single largest property purchased in Tucson multifamily sector for Q1 2015.

Tucson Five LP, an affiliate of Hamilton Zanze of California (Mark Hamilton and Tony Zanze, partners) sold the 318-unit complex at 2020 South Columbus Blvd in Tucson. Hamilton Zanze, a private San Francisco-based real estate company, has several of its Tucson assets on the market listed with Colliers International.

The garden-style community of Cordova Village consists of two parcels totaling 9 acres, with 18 two-story apartment buildings, a maintenance shop, office building / laundry building and a second laundry building. The northern portion of the property was constructed in 1977, and the southern portion added in 1982. Community amenities include a basketball court, a concrete soccer field, playground, volleyball court, two swimming pools, Jacuzzi, ramadas, three barbeque areas, asphalt-paved parking areas and lush landscaping.

Location is among the property’s chief attributes, situated near Davis-Monthan Air Force Base. The unit mix of Cordova Village is 67.2% one-bedrooms, 29.6% studios and 3.1% two-bedroom units that range in size from 327- to 836-square-feet in eight floor plans.

The apartment sector resoundingly outperformed consensus expectations in 2014. With Tucson vacancy rate at equilibrium or tighter for the previous four years. Ending 2014 with $311 million in sales volume, 2015 is looking well positioned for even more growth, based on the 15.13% increased volume year-over-year, according to tracking by the Real Estate Daily News.

The Colliers’ Cooke Team lead by Cindy Cooke, Brad Cooke and John Barnes of Colliers International in Phoenix represented the seller. Hamid Panahi, Cliff David and Steve Gebing of Marcus & Millichap in Phoenix represented the investor.

To learn more Cindy Cooke should be contacted at 602.448.3880, Brad Cooke at 602.222.5088 and call Barnes at 602.222.5042. Panahi, David and Gebing can be reached through their office at 602.687.6700.

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[mepr-show rules=”58038″]Sale date: 3/24/2015. Sale price: $6,105,600, and $2,044,600 down payment. Property sold 90% occupied and a 6.5% cap rate, brokers reported. Hamilton Zanze has four other properties in Tucson on the market for sale: 4250 E 29th Street, 2800 S Mission Road, 8600 E Old Spanish Trail and 6340 S Santa Clara Street.[/mepr-show]

ALTA Copper Creek, LLC an affiliate of California-based ALTA Community Management paid $4.75 million ($48,000 per unit) for the Copper Creek Apartments at 6666 East Golf Links Road in Tucson.

Located in the Eastern submarket of Tucson Copper Creek Apartments offers one and two bedroom flats, and two and three bedroom town homes. The 99-units were 90% occupied at time of sale in this stable community.

Amenities include a pool and barbeque area and the new owner plans to add solar panels and a business center to the property. Rents range from $630 to $1,099 per month with all utilities included.

The 32 building complex was built in 1973 and totals 95,761-square-feet.

The property has a somewhat walkable score of 52 and a very bikeable score of 71.

Both buyer and seller, Plaza De Vista, LLC of Tempe, AZ (Narinder & Anju Parasher, members) were represented by Hamid Panahi, Cliff David and Steve Gebing of Marcus & Millichap in Phoenix.

“Deal by deal, the Tucson multifamily market remains strong. Investors are looking for a variety of different product types to fit their individual needs and investment strategies in today’s market,” Panahi explained. “Finding stabilized properties such Copper Creek was critical for this multifamily investor that plans to optimize the property’s efficiency.”

Panahi, David and Gebing can be contacted through the office at 602.687.6700.

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[mepr-show rules=”58038″]Sale date: 9/25/2014. $950,000 down, balance new financing. Unit mix: (16) 1-bedrooms, (36) 2-bedrooms/ 1 bath, (12) 2-bedroom / 1 bath townhomes, (35) 3-bedrooms / 1.5 baths. Property was on the market for 30 days and closed escrow in 120 days. Property sold at a 7.12% cap rate.[/mepr-show]

PHOENIX – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Camelback Vista, a 200-unit apartment property located in Phoenix, AZ, according to Don Morrow, Regional Manager of the firms Phoenix office. The asset commanded a sales price of $5,125,000.

Rich Butler, Brian Tranetzki, Cliff David and Steve Gebing multifamily investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor based out of Texas. The buyer, La Fuente de la Comunidad, LLC, was represented by Todd Noel of Colliers International in Phoenix.

“Camelback Vista is located directly along Camelback Road and just blocks away from Grand Canyon University, a private for-profit institution established in 1949 which is quickly becoming one of Arizona’s preeminent Universities.” says Butler. “GCU has undergone significant expansion since 2010 with additions such as six new modern dorm buildings, a 55,000 square foot Student Recreation Center and the campus’s main attraction- the 5,000 seat Grand Canyon University Arena.”

Developed by Granada Construction in 1978, this 200-unit apartment community is constructed of block and stucco with a tile roof design. The subject property is composed of 96 studio apartments, 103 one-bedroom apartments, and one two-bedroom one-bath apartment.

“With the sale of Camelback Vista, we expect rapid improvements to occur on site as well as changing the landscape of the Camelback corridor just west of Interstate 17. This should continue to bolster dynamic growth for the submarket.” adds Tranetzki.

To learn Butler, Tranetszki, David ad Gebing should be reached at (602) 687-6700