Berkadia Brokers $122 Million in Tucson Apartment Sales

TUCSON, ARIZONA – Berkadia’s Art and Clint Wadlund of Tucson represented Gleiberman Investments, Inc. of San Diego (Mark Gleiberman, president) in the sale of two Northwest Tucson apartment communities for $37.43 million and represented Holualoa Properties in an additional three communities totaling $64.5 million.

ComCapp Elevation, LLC a Texas REIT purchased the following Tucson Portfolio:

  • Stoneybrook Apartments at 4225 North First Ave. in Tucson, a 411-unit complex, sold for $27 million ($65,693 per unit);
  • La Jolla de Tucson at 444 West Orange Grove in Tucson, a 223-unit complex, sold for $15.9 million ($71,300 per unit); and
  • Quail Ridge Apartments at 4500 East Sunrise Dr., a 253-unit complex, sold for $21.6 million ($85,375 per unit).

HSL Properties of Tucson (Omar Mireles, president) purchased the following Tucson Portfolio:

  • Casa Lindas Apartments at 699 West Magee Road in Oro Valley, a 144-unit complex, sold for $17.65 million ($122,569 per unit); and
  • Springhill Apartments at 8030 E Lakeside Parkway in Tucson, a 224-unit complex, sold for $19.775 million ($88,281 per unit).

“We were pleased to be able to purchase the two northwest Tucson properties,” Omar Mireles said. “We had looked at them when the MG Properties and Gleiberman Investments had purchased them in a portfolio along with three other properties that they are also selling.”

All of the properties were at or around 95% occupancy at time of sale. All closings were completed the same day, on June 28th.

Art and Clint Wadlund with Berkadia in Tucson and Rick Holway and Mark Forrester of Berkadia in Phoenix brokered both portfolios for the sellers. The investors were self-represented.

For additional information, Wadlund should be reached at 520.299.7200.

To learn more, see RED Comps #5956, #5957, #5950, #5951 and #5952.

 




Startup Tucson Awarded $1.44 M Grant to launch Thryve Next Growth Acceleration

Start UP TucsonStartup Tucson a non-profit committed to transforming Southern Arizona’s economy through innovation and entrepreneurship located at 17 E Pennington Street in Tucson, was awarded a $1.44 million, five-year contract from the U.S. Small Business Administration’s ScaleUp America program.  Startup Tucson was one of only seven successful applicants nationwide out of over 60 proposals.  Tucson is the only community west of the Mississippi River to receive ScaleUp America funding.

“Tucson is on the verge of an economic transformation and the ScaleUp America program is injecting over $1 million into our community at a critical time,” said Justin Williams, CEO and founder of Startup Tucson. “According to the Kauffman Foundation, over the last 30 years, 100% of all net-new jobs nationally came from high-potential startups committed to rapid growth.”

Founded in 2011, Startup Tucson delivers programs to support the launch of and growth of high-impact businesses. Investors in Startup Tucson include the City of Tucson, the Diane and Bruce Halle Foundation, Holualoa Properties, and the Desert Angels.

Startup Tucson’s ScaleUp America contract will support the Thryve Next growth accelerator program focusing on high-potential, growth-oriented companies with annual revenues between $150,000 and $500,000, approximately two years old and in the early growth business cycle.  Thryve Next, powered by Startup Tucson, is a national model for entrepreneurial cultivation.

“The Desert Angels invest significantly in high-growth companies like those supported by Startup Tucson,” said Dan Janes, Co-Founder of 42Six Solutions and a member of the local Desert Angels investor network.  “These high-growth companies bring in new dollars and grow new jobs in the regional economy.”

With a focus on local impact, inclusion and innovation, contracts awarded by ScaleUp America provide intensive entrepreneurship education and a growth-support program to achieve the following goals: increase business scalability, create local jobs, and positively impact the local economy.  The contract also supports undeserved and underrepresented businesses.

As the leading resource for early stage startups and growing businesses in Southern Arizona, Startup Tucson continues to transform the economy through entrepreneurship and innovation.

Small businesses interested in Thryve Next can email Thryve@startuptucson.com or visit www.startuptucson.com/thryve.