Cushman & Wakefield Negotiates Sale to Clear Sky Capital

PHOENIX, Arizona – Cushman & Wakefield completed the sale of University Villa at Ironwood, located at 2550 W. Ironwood Hill Drive in Tucson, Ariz. March Investment, LLC, an entity formed by Phoenix-based Clear Sky Capital, purchased the property from SFC Sterling Tucson Investors, LLC (an entity formed by Stonesfair Financial Corp. of Burlingame, Calif.) and Geary Tucson, LLC, for $17.45 million ($124,643 per unit / $36,054 per bed).

Executive Managing Directors David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller.

University Villa at Ironwood is a 140-unit/484-bed, Class A student housing community located just west of the University of Arizona campus.

The property offers two-, three- and four-bedroom floor plan options with an average unit size of over 1,287-square-feet.  Built in 2001, University of Villa at Ironwood unit interiors include washer/dryer and private patios/balconies. The property’s amenities include a computer lab and study lounge, fitness center, theater room, basketball court and sand volleyball court.

“The buyer was attracted to the property because of the exciting growth occurring at the University of Arizona and by the opportunity to add value to the property through a series of planned capital improvements,” said Fogler.

According to Cushman & Wakefield | PICOR research, during the first quarter of 2018 numerous investors have entered the local apartment market from primary and secondary markets to invest in Tucson. Investors are bullish on bringing capital to Tucson due to higher cap rates and favorable debt placement leading to greater cash on cash returns. Investors are also bullish on the steady inflow of new business and subsequent positive job growth. Expect continued tailwinds in the second quarter as investor interest remains robust.

To learn more, see RED Comp #5805.

Cushman & Wakefield Negotiates Sale to Clear Sky Capital

PHOENIX, Arizona – Cushman & Wakefield completed the sale of Mission Palms, located at 6131 North 16th Street in Phoenix. Phoenix-based Clear Sky RES Properties, an entity formed by Clear Sky Capital, purchased the property from JM Emerson, LLC of Cherry Hills Village, Colo. for $16 million ($128,000 per unit).

Executive Managing Directors David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller.

Mission Palms is a 125-unit, boutique garden-style apartment community located in North Central Phoenix. The property’s location on North 16th Street provides easy access to Camelback Corridor, Midtown and Downtown as well as Biltmore Fashion Park, the AZ-51 and the Phoenix Mountain Preserve.

Offering one- and two-bedroom options, Mission Palms has an average unit size of 833-square-feet. Built in 1975, unit interiors include all-electric kitchens, spacious walk-in closets and private patios/balconies.

“The buyer plans to significantly improve Mission Palms to take advantage of the recent dynamic growth in the North Central area,” said David Fogler.

Cushman & Wakefield Negotiates Sale of The Vintage to San Diego Investor

PHOENIX, AZ – Cushman & Wakefield completed the sale of The Vintage, located at 1303 West Juniper Avenue in Gilbert, Ariz. Pathfinder Gilbert Holdings II, LLC of San Diego purchased the property from Clear Sky Vintage L.P., an entity formed by Phoenix-based Clear Sky Capital, for $18.55 million ($173,364 per unit).

Executive Managing Directors David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller.

The Vintage is a 107-unit, two-story, Class A apartment community located east of the southeast corner of Guadalupe and McQueen Roads in Gilbert. Built in 2000, the property features a recently upgraded resort-style pool and spa, indoor basketball court, an indoor racquetball court, billiards room, fitness center, playground, clubhouse with theater room, and a business center/conference room.

Offering studio, one-, two- and three-bedroom options, The Vintage has an average unit size of 1,154 square feet. Unit interiors include fireplaces in select units, 9-foot ceilings, walk-in closets, washer dryers and gourmet style kitchens.

“The Vintage offered the buyer the opportunity to acquire a Class A community with value-add potential in the highly desirable Gilbert submarket,” said David Fogler.