TUCSON, Arizona — 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 $26.5 million ($61,916 per unit). The property was 96 percent leased at time of sale.

Michael Sandahl with CBRE’s Tucson office, along with Tyler Anderson and Sean Cunningham with CBRE’s Phoenix office, represented the seller, North Salt Lake, Utah-based Chartwell Capital Partners, LLC. The buyer was a California investor from Marina Del Rey, CA that purchased it under the name of Tanque Verde-Tucson Apartments, LLC.

“The seller purchased the property in 2014 for $21.3 million after it had 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. 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 should be reached at 520.323.5100. Anderson and Cunningham can be contacted through the Phoenix office at 602.735.5555.

To learn more, see RED Comp #5647.

Forecasted population growth projected to complement firm’s long-term investment strategy

Tucson, Arizona – Northland Investment Corporation, one of the top privately held multifamily owner and operators in the country, announced its acquisition of Villas at San Dorado, 10730 N Oracle Rd, in the Tucson, Arizona suburb of Oro Valley. Northland now owns 27 properties in the Southwest across Texas, Arizona and New Mexico.

San Dorado is Northland’s fourth property in the greater Tucson area, a market that is projected to see significant population growth with as many as 16,000 new residents annually through 2019, according to CBRE Econometric Advisors, in part due to its strong defense, biotech and education ecosystems. Cost of living in the region is also extremely affordable, with an average rent-to-income ratio of 21.9% in Oro Valley.

The property commanded a sale price of $50.55 million ($184,500 per unit).

The Mark Taylor built residential community offers nine spacious floor plan options of one, two and three bedroom apartments with modern and custom finishes. Just some of the upscale indoor features include extra-high 9-foot ceilings, plush carpeting, kitchen islands, custom wood cabinets, stainless steel appliances, walk-in closets, and a private patio or balcony. Although rent prices are still to be determined, apartment sizes range from a 779-square-foot one bedroom with one bathroom to a 1381-square-foot three bedroom with two bathrooms.

“Tucson’s economy continues to gain momentum in recent years, and we remain optimistic about the long-term outlook,” said Matthew Gottesdiener, Chief Investment Officer, Northland. “We’re excited to be acquiring the preeminent suburban apartment community in Tucson. Villas at San Dorado was built by one of the most respected developers in the western United States; the property offers an unparalleled suite of onsite amenities and rent levels that are sustainable and affordable for a diverse group of residents.”

Located in Northwest Tucson’s coveted suburb of Oro Valley, Villas at San Dorado was built in 2014 and consists of 274 units in 26 buildings spread across 15.7 acres of lush desert landscape in the foothills of the Santa Catalina Mountains. In addition to its prime location, luxe amenities include a spin-bike room, yoga studio, and an expansive resort-style pool with sun-decks, cabanas, and a whirlpool spa, as well as access to eight golf courses within five miles of the property.

The CBRE Team of Michael Sandahl, Martin Encinas, Sean Cunningham, and Tyler Anderson negotiated the transaction for the seller.

In addition to Villas at San Dorado, Northland’s other communities in Tucson include Hilands, Promontory, and Valley View.

Northland Investment Corporation based in Newton, Massachusetts, owns and operates 92 properties nationwide – 79 multifamily communities with 23,737-units, 2.2 million total square feet of developed property, and land for the development of up to 3,000 more units. Northland manages seven real estate investment funds, maximizing risk-adjusted returns through value-added acquisition, development, asset management and property management strategies.

For more information, Encinas can be called at 520.323.5173 and Sandahl should be reached at 520.323.5115.

To learn more, login and see RED Comp #4871

[mepr-show rules=”58038″]Sale date: 6/1/2017. Document #2017-1520496, APN: 220-09-116, Situs: 520-447-5555, Northland contact: 617-965-7100[/mepr-show]

TUCSON, Arizona – Capistrano Apartments at 2929 E 6^th Street in Tucson sold for $8.6 million ($76,786 per unit) to Daybreak 112 Partners, LLC and CAP 112 Partners, LLC c/o Scotia Group Management of Tucson (Rob Aronoff, CEO) that will handle the management of property.

The 112-units are mostly studios and 1-bedrooms with an average unit size of 561-square-feet. Built in 1974, the property sits on 3.26 acres at 6^th Street and Country Club Road, about one mile from the University of Arizona. The property was 96% occupied when it sold.

Apartment features include air conditioning, paid utilities, balcony on 2nd floor, breakfast bar, cable ready, ceiling fan, dishwasher, gas stove, hardwood floors, pantry, refrigerator and views.

Community amenities include access to public transportation, beautiful landscaping, copy & fax services, disability access, easy access to freeways, easy access to shopping, free pet treats, guest parking, laundry facility, on-call maintenance, pet waste stations, picnic area with barbecues, and swimming pool.

The seller Pimatuc Realty Associates, LP of Phoenix was represented by the Tyler Anderson and Sean Cunningham team of CBRE Multifamily Institutional Properties in Phoenix and Senior Vice President, Michael Sandahl and Martin Encinas with CBRE in Tucson.

For more information, Encinas can be called at 520.323.5173 and Sandahl should be reached at 520.323.5115.

To learn more, see RED Comp #4828.

College Town Student Housing at 2040 North First Avenue in Tucson sold to Phoenix investment group, Taylor Fitzpatrick Capital (Ted Taylor, member) for $8.32 million ($94,545 per unit). The investor’s plan for the 88-units, value-add property in four buildings, is to completely renovate both interior and exterior.

The property, built in 1972, is ready for updating. Amenities include furnished apartments, electricity, parking, wireless internet, water, and Direct TV, 2 pools, laundry facilities in each building, two study rooms, a fitness center, spa and game room.

Unit mix consists of 2-, 3- and 4-bedrooms. Property was 80% occupied at time of sale.

The seller was MCS711 Arizona Commons, LLC an affiliate of Mica Creek Sagamore Partners of Denver, CO.

The buyer is an experienced student housing investor having built new and remodeled projects at ASU in Phoenix and CSU in Fort Collins, CO. This is the buyer’s first project in Tucson and says they like Tucson and are looking for more opportunities such as this.

There were no brokers involved in the sale. To learn more, see RED Comp #4833.