TUCSON, Arizona — Berkadia completed the recent sale of The Enclave at the Foothills, a 300-unit multifamily property in Tucson, Arizona. Representing the seller, Senior Managing Director Art Wadlund and Associate Director Clint Wadlund of the Tucson office completed the $21.8 million sale ($72,666 per unit).

The deal closed on February 1 and represents the highest sale price and unit price this year for multifamily transactions in the metro Tucson market. This high sale is followed by the Peaks at Redington that was also handled by the Wadlunds at Berkadia.

Both located in Arizona, the seller was Scottsdale-based PEM Investments, and the buyer was HSL Properties, Inc. in Tucson.

“HSL was former owner of The Enclave, and is the current owner of the adjacent property, Catalina Canyon. This familiarity with the asset and location was a large factor in the buyer’s decision to purchase,” said Arthur Wadlund.

Built in 1986, The Enclave at the Foothills is located at 7300 N. Mona Lisa Road, affording convenient access to West Ina Road and North La Cholla Boulevard. The one-, two- and three-bedroom floor plans feature a full-size washer and dryer in units. Select units also include a fireplace and walk-in closets. Residents can enjoy community amenities, such as two swimming pools, a fitness center, a clubhouse, a spa and tennis courts. Top employers in the area include the Foothills Mall, Omni Tucson National Resort, Northwest Medical Center and Afni.

Contact Art Wadlund at 520.299.7200 and Clint Wadlund at 520.615.1100 for more information.

To learn more, see RED Comp #4519.

TUCSON, Arizona – A Scottsdale-based company recently purchased the Peaks at Redington, a multifamily property in Tucson, Arizona. Senior Managing Art Wadlund and Associate Director Clint Wadlund completed the $14.5 million ($48,173 per unit) sale, which closed on January 19.

Berkadia represented the seller, PEM Investments, based in Scottsdale, Arizona. The buyer was SB Pacific Group of Berkeley, California.

“Peaks at Redington marks the buyer’s third acquisition in the Tucson market in the last two years,” Art Wadlund said. “This buyer has enjoyed success in the Tucson market, and this property was a natural addition to their portfolio, being less than one mile from other properties they’ve purchased.”

The property was built in 1980 and the 301 units feature one- and two-bedroom floor plans. Apartment amenities include air conditioning, ceiling fans, frost-free refrigerators and walk-in closets. Select units have fireplaces. Residents also enjoy community features such as a clubhouse with a kitchen, a fitness center, a swimming pool, a spa, a tennis court, a basketball court and laundry facilities.

Located at 7700 E. Speedway Blvd., Peaks at Redington is a short distance from top area employers including GEICO, Park Place Mall and Tucson Medical Center.

For more information, Art Wadlund can be reached at 520.299.7200 and Clint Wadlund is at 520.615.1100.

To learn more, login and see RED Comp #4479.

[mepr-show rules=”58038″]Property sold at a 6% cap rate based on income at time of sale.[/mepr-show]

Tucson, Ariz.—Berkadia recently arranged the sale of Mirabella Apartments, a multifamily property in Tucson, Ariz., for $16.2 million ($40,399 per unit). Senior Managing Director Art Wadlund and Associate Director Clint Wadlund of the Tucson office led the team that completed the transaction. The property was sold by Salt Lake City-based Bridge Investment Group (Jonathan Slager, CIO), and the buyer was Avenue North (Ryan Hartman, manager) of Mesa, Ariz.

Built in 1974, the property is located at 1345 S. Kolb Road and offers 401 studio, one-, two- and three- bedroom units. Property amenities include a clubhouse, business center, four swimming pools with two spas and laundry facilities, among others. Mirabella Apartments is close to major thoroughfares such as Kolb Road and 22nd Street, and is also near Arizona State Route 10.

“Avenue North has a history of owning fairly similar properties and felt that they could improve operations with a more ‘hands-on’ management approach. They also like the dynamics of the Tucson apartment market,” Art Wadlund said in prepared remarks.

For more information, Art Wadlund can be reached at 520.299.7200 and Clint Wadlund is at 520.615.1100.