Phoenix, Ariz. – CBRE has completed the sale of the Tanque Verde Apartment complex, 428-unit multifamily community located at 7671 E. Tanque Verde Road in Tucson, Ariz. The multifamily asset sold for $21.3 million ($49,766 per unit). The property was 94 percent leased at time of sale.

Michael Sandahl and Wyatt Campbell with CBRE’s Tucson office, along with Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office, represented the seller, Holualoa Companies of Tucson. The buyer was North Salt Lake, Utah-based Chartwell Capital Partners, LLC.

“Tanque Verde has recently undergone significant capital improvements worth more than $5 million, including a complete re-roofing, master heating and cooling system replacements, and solar systems and water conversation measures designed to make the property as energy efficient as possible,” said CBRE’s Sandahl. “What’s more, a portion of the units have been upgraded with premium finishes. The property offers an exceptional value-add opportunity to increase revenue by continuing the existing and proven interior upgrade program.”

The Tanque Verde apartment complex was developed in two phases, in 1979 and 1981. Thirty-eight units have been upgraded with new appliances, new cabinets, resurfaced countertops, upgraded fixtures, flooring, mirrored closet doors, microwave oven/hoods, and other improvements. Situated in northeast Tucson, the community benefits from the surrounding strong employment base, class A developments and premier housing options offering residents first-class amenities in a highly desirable location.

Tanque Verde also enjoys proximity to numerous amenities, including grocery, banks, restaurants, and other retail services. Morris K. Udall Park, one of the largest and most popular municipal parks in Tucson, is located across the road from Tanque Verde Apartments, and bike trails and abundant recreation are nearby, including Sabino Canyon and the Mt. Lemmon Recreation Area.

To learn more Sandahl and Campbell should be reached at 520.323.5100. Anderson, Cunningham, Gunter and Pesch can be contacted through the Phoenix office at 602.735.5555.

Phoenix, AZ – CBRE has completed the sale of Lakeview at Superstition Springs, a 676-unit apartment complex located at 1849 S. Power Rd. in Mesa, Ariz. The multifamily asset sold for $66.6 million ($98521 per unit). The property was 95 percent leased at time of sale.

Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the institutional seller. The buyer was San Diego, CA-based Fairfield Residential Company LLC.

“Lakeview at Superstition Springs offers a great opportunity in the East Valley,” said CBRE’s Cunningham. “The East Mesa/Gilbert submarkets are projected to lead the Phoenix metro in population growth through 2020 with multifamily demand only strengthening over the timeframe as well.”

Surrounded by the largest employers and best retail options in Mesa, Lakeview offers an unmatched living environment for residents. The community is within 5 to 10 minutes of Banner Gateway Hospital, Banner Baywood Hospital, The Boeing Company’s Arizona headquarters and the future Apple production facility. Lakeview is also within minutes of Superstition Spings Center and The San Tan Village Mall as well as another 1.6 million square feet of periphery power centers including a Super Walmart, Costco, Best Buy, Target, Harkins 25 Theaters and Home Depot. Additionally, Grand Canyon University is building a 10,000-student campus five miles from the community.

Developed in two phases in 1995 and 1998, Lakeview is an institutionally-maintained class A community located within the Superstition Springs masterplan. The property is situated on 38 acres encompassing five lakes and is comprised of 676 units offering a mix of floor plans that range in size from 660 to 1,314 square feet. Unit features include full-sized washers and dryers, fully-appointed kitchens, walk-in closets and private patios and balconies. Community amenities include four resort-style swimming pools, a resident clubhouse, a 24-hour fitness center, a basketball court, two playgrounds, resident business center and picnic areas with ramadas and BBQ grills.

Aggregate Sale Price of $78.5 Million for two Apartment Complexes in Metro Phoenix

Phoenix, AZ – CBRE of Phoenix has completed the sale of the Symphony Apartments, a 234-unit apartment complex located at 2225 W. Frye Rd. in Chandler, AZ for $35.5 million ($151,709 per unit) and the sale of the Sonoran Vista apartment community, a 264-unit apartment complex located at 9340 E. Redfield Rd. in Scottsdale. Public records show the buyer paid $43 million ($162,879 per unit) for Sonoran Vista. Wells Fargo Bank arranged a $33.4 million Fannie Mae loan for the sale.

Both properties were 95 percent leased at time of sale.

The seller in the Sonoran Vista transaction was a joint venture of Security Properties of Seattle, Washington and an institutional fund managed by Hunt Investment Management, the SEC-registered advisor of the Hunt Companies (Hunt), based in Chicago. The seller of Symphony Apartments was an institutional seller.

Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the sellers in both transactions.

The buyer of Symphony Apartments was MIG Real Estate of Newport Beach, California. The buyer of Sonoran Vista Apartments was San Francisco, California-based Aukum Management.

“The Symphony Apartments offer an excellent infill location in the heart of Chandler’s major employment and tech-hub. The property benefits from the strong corporate employment located to the southwest in the Price Road Corridor, as well as its adjacency to Chandler Regional Medical Center,” said CBRE’s Gunter. “Symphony also offers excellent access to neighborhood retail options as well as proximity to Chandler Fashion Center.”

Built in 1999, the Symphony Apartments offers one-, two- and three-bedroom floor plans, nearly half of which have recently undergone significant interior renovations. Community amenities include two resort lagoon-style pools with spa, wood-burning fireplace, veranda with bar seating and televisions, and stainless steel BBQ grills; clubhouse with wet bar, coffee station, and conference room; and complete fitness center including a private yoga room.

Sonoran Vista is located on the eastern border of the Greater Scottsdale Airpark, a major employment hub in the Valley. Encompassing 26 million total square feet of office, retail and light industrial space and including more than 50,000 jobs, the area is home to several world headquarters and large employers. Additionally, last summer KUD International announced its intention to develop a biomedical campus on 225 acres north of the Loop 101 and west of Scottsdale Rd, about five miles away from the multifamily community. That development would bring 10,000 jobs to the area over the next ten years.

“Sonoran Vista is an extremely well-located asset that offers an excellent value-add opportunity and will continue to benefit from its location in one of the strongest employment corridors in the Valley,” said CBRE’s Cunningham.

Developed in 1996, Sonoran Vista consists of 264 units comprised of a mix of one-, two- and three-bedroom floor plans that feature gourmet kitchens, nine-foot and vaulted ceilings, wood-burning fireplaces, spacious walk-in closets and private patios and balconies. The community offers a resort-style swimming pool with spa and Ramada with BBQ; a designer clubhouse with coffee bar, kitchen, lounge area, and recreation options; a 24-hour fitness center and a resident business center in addition to other amenities.

To learn more the CBRE team of Anderson, Cunningham, Gunter and Peschshould be reached at (602) 735-5555.