Colorado Investor Expands Arizona Portfolio with Multifamily Property

Phoenix,  Arizona –  A Colorado investor has purchased the Raintree apartment community at 6450 E. Golf Links Rd. for $12.475 million ($34,272 per unit).  The company acquired the property as an expansion of its existing Arizona real estate portfolio.

“This property offers the abundance of on-site amenities that today’s tenants are seeking,” says Trevor Koskovich, senior vice president with Colliers International in Greater Phoenix.  “The quality of the property and its incredible location near Davis-Monthan Air Force Base position the asset for outstanding appreciation in value.”

Colorado-based SPL Real Estate and Management Company purchased the community from Summit Raintree, LLC, a Delaware limited liability company.  Koskovich, Bill Hahn and Jesse Hudson of Colliers International in Greater Phoenix handled the sale transaction.

Raintree was built in 1983 and was 96 percent occupied at the time of the sale.  Situated on 10.18 acres of land, the community features 20 two-story buildings of apartment homes.  The property contains 364 units ranging from 327-square-foot studios to 928-square-foot two-bedroom apartments.  Raintree offers a total of 145,456 square feet of space.

The gated community provides residents with a swimming pool and spa, fitness center, basketball court, sand volleyball, racquetball court, dog park, jogging track, television lounge and 24-hour laundry facility.    Apartment units feature walk-in closets, pantry, vaulted ceilings in upper units and dishwashers.

Raintree is located in a popular area of Tucson, just north of Davis-Monthan Air Force Base.  The area features a variety of shopping destinations and is surrounded by strong elementary schools and higher education institutions.  Comcast recently announced the future hiring of 1,175 employees for its call center, just 20 minutes from Raintree.

To learn more see RED Comp #5020.

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Since third quarter 2012, investors nationally have continued to exhibit a strong appetite for multifamily properties, a fact borne out by the sales in Pima County for first quarter 2013. From Jan 1 – March 29th, almost a third (28%) of all commercial sales in Pima County were for multifamily properties, from duplexes to larger complexes, it seems that investors are preferring Class-B and Class-C multifamily properties over other commercial real estate investments.

The Ranch at Star Pass student housing complex with 1020-beds in 336-units student sold for[mepr-show rules=”58038″]$26 million (25,500 per bed) see full story of March 5th at:
https://realestatedaily-news.com.previewdns.com/national-student-housing-groups-posture-for-ua-students-business/

The 364-units at Raintree Apartments at 6450 E Golf Links sold for $9.25 million, or $25,400 per unit as reported March 13th. See complete story at: https://realestatedaily-news.com.previewdns.com/raintree-apartments-sells-for-9-25-million/

Valencia Hills Apartments LLC of Reno, NV (Ernest Tschannen) transferred the 112-units at Tierra Hills Apartment, 3550 W Valencia, Tucson 85746 to National Safe Harbor of Tempe as part of a 1031 reverse exchange for $2.8 million, or $25,000 per unit. Danny Lee and Neil Sherman of Sperry Van Ness of Phoenix represented the seller.

Desert Atriums LLC of Tucson (Patrick Delaney) purchased the 37-unit Desert Atriums Apartments at 8750 E Cooper Street, Tucson 85710 in an REO sale from Washington Federal for $1.2 million, or $33,800 per unit with new financing. The 28,872 sq. ft. property on one acre was built in 1972. Neil Sherman of Sperry Van Ness in Phoenix represented the bank and Tony Reed of Long Realty in Tucson represented the investor.

JCAZ LLC of Tucson (Stephen & Jon Offerman) paid cash for the 35-unit Anandale Apartment complex at 5601 E 5th Street, Tucson 85711 from Mahalo Commercial Properties 10 LLC of Tucson (Celeschito Sapalo) for $902,424 or about $25,800 per unit. The 34,068 sq. ft. complex on 1.4 acres was constructed n 1970. Bob Kaplan and Allan Mendelsberg with Cushman & Wakefield / Picor Commercial Real Estate of Tucson handled the transaction.

A 4,079 sq. ft. main house and three guest houses with 2,976 additional sq. ft. on 5.25 acres in Casas Adobes at 1685 W Ina Road, Tucson 85704 was purchased by Kelly McGinnis of Tucson for $505,000 from Joseph P Lenihan with seller financing. The 7,055 sq. ft. property was constructed from 1946 to 1960. There were no brokers involved in this transaction.

Tajinder Singh and Inder Preeticaur of Oro Valley sold the 47-unit Primavera Apartments, newly rebranded, Mi Casita, at 252 W Valencia Rd, Tucson 85706 to Valencia Tucson LLC (Megan Saputo) of San Diego for $700,000, or $14,900 per unit. The 2-story complex with 30,104 sq. ft. in 3-buildings is on 1.51 acres, built in 1961. Justin Lanne of Newmark Grubb Knight Frank of Tucson handled the transaction.

Diamondhead Estates LLC (Robert and Henry Balsinger) bought 6-units at 2701-2703 E Copper Street, Tucson 85716 for $475,000, or $79,000 per unit, from John and Grazyna Stanek. The 6,659 sq. ft. was built in 1961 on a 23,000 sq. ft. lot.

A duplex at 245-247 E Blacklidge Dr, Tucson 85705 was sold by the Parcelluzzi Family LLC (Allan and Tina Parcelluzzi) to Preston Phillips, a former renter in the duplex for $475,000, or about $50,000 per unit and new FHA financing. The 1,602 sq. ft. building on a 6,098 sq. ft. lot was built in 1972. Aaron Fisher of Tierra Antigua handled the transaction.

Jerome Hallberg of Tucson bought the 12-unit Coronado Terrace apartments at 2428 N Fontana Ave, Tucson 85705 from Mindy Sonen of San Diego for $450,000, or $37,500 per unit with seller financing. The 9,263 sq. ft. single story building on 35,981 sq. ft. lot, constructed in 1982 was 92% occupied at time of sale. Mike Schulte of the Schulte Company represented the seller and Matt Tennyson of Keller Williams of Southern Arizona represented the buyer.

Roland Johnson of Florida sold two duplexes at 4440-4444 E Pima St, Tucson 85712 for $352,000, or $88,000 per unit to Vijaya Chada of Tucson. For complete story on February 21st, go to:
https://realestatedaily-news.com.previewdns.com/two-central-tucson-duplexes-sell-for-88000-per-unit/

The Gary Lee Fugua Trust of Portland, OR (Gary Fugua) sold a fourplex at 1650 E Adelaide Dr, Tucson 85719 for $325,000, or $81,250 per unit, to Russell and Caroline Duff. The single building with 3,689 sq. ft. is on a 20,038 sq. ft lot was built in 1998.

Justin & Andrea Hafner of Tucson bought 5-units at 2667 N Dodge Blvd, Tucson 85716 the Moghadam Family of Tucson for $190,000, or $38,000 per unit with a seller loan. The 2,749 sq. ft. in three buildings was built from 1945 to 1982 on a 17,898 sq. ft. lot.

Jesus Lopez Zavala bought 8-units in two separate transactions at 1201-1204 E Milton and 1233-1239 E Milton Road, Tucson 85706 for $181,500, or $22,690 per unit in a cash transaction. The two 2-story fourplexes are an aggregate of 6,960 sq. ft. built in 1981. Marsee Wilhems of the Marsee Wilhems Group with Re/Max Majestic of Tucson handled the transaction.

A fourplex at 420-430 E Delano Street, Tucson 85705 was purchased by Justin List of Tucson for $190,000, or $47,500 per unit from Hannelore McAdams of Tucson and private financing. The 2,532 sq. ft. in two buildings was built in 1964 and 1967 on a 15,720 sq. ft. lot. Don Knittel and David Guthrie of Coldwell Banker in Tucson represented the seller and David Aguilar of Keller Williams Southern Arizona represented the investor.

A triplex at 4729 E 2nd Street, Tucson 85711 was purchased by Kelli Alexander LLC (Kelli Alexander) of Tucson in an all-cash deal from Anna Burchard of Tucson for $172,000, or $57,300 per unit. The 2,448 sq. ft. building on a 10,454 sq. ft lot was built in 1959. James Robertson of Realty Executives Tucson Elite handled the transaction.

A duplex at 4055 E Lee St, Tucson 85712 was sold by Beverly Neblett of CA to Michael and Debra Rosko for $113,500, or $56,750 per unit using new conventional financing. The 1,650 sq. ft. building on a 6,282 sq. ft lot was built in 1982.

Ricardo and Christi Bermudez bought a triplex for $69,900, or $23,300 per unit from Deep Canyon LLC (Angus Maughan) with The 1,452 sq. ft. at 405-409 W Columbia, Tucson 85714 was constructed in 1953.

For more information, Sherman can be reached at (480) 425-5500. Reed is at (520) 918-5189. To contact Kaplan call (520) 546-2737 and Mendelsberg at (520) 546-2721. Lanne can be reached at (520) 321-3330. Schulte is at (520) 885-5900 and Tennyson is at (520) 615-8400. Knittel and Guthrie can be contacted at (520) 745-4545 and Aguilar at (520) 615-8400. Robertson should be reached at (520) 877-4940. Wilhems is at (520) 885-9000. Fisher can be reached at (520) 318-5290.

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Summit Raintree, an entity formed by privately-held Summit Equity Investors, Inc. of Los Angeles, CA (Joseph Rosen, President) purchased the 364-unit Raintree Apartments at 6450 E. Golf Links Road for[mepr-show rules=”58038″]$9.25 million, or approximately $25,400 per unit. The seller was Raintree Associates, an affiliate of Thompson Michie Associates, Inc. of Salt Lake City, UT (Trenton Michie, partner).

The 143,299 sq. ft. gated community was built in 1983, and consists of 20 two-story buildings on 10 acres. The property was 89% occupied when it sold, with 40 vacant units.

The unit mix has studios, one- and two-bedroom units, with 66% one-bedrooms. Community amenities include: disability access, pet friendly without weight restrictions, short term rentals available, basketball courts, clubhouse, emergency maintenance, fitness center, free gym passes, gated access, courtesy night patrol, high speed internet, laundry facility, public transportation, heated swimming pool, whirlpool/spa, volleyball court, racquetball court, gazebo, lush landscaping, gas grills, carports, free DVD library, jogging track and picnic area, and a resident referral program. Apartment amenities include: oversized closets, dishwasher, air conditioning, view, vaulted ceilings/skylights, and expanded basic cable.

The transaction was negotiated by Art Wadlund of the newly renamed Hendricks-Berkadia in Tucson, its first Tucson transaction since the merger between Hendricks & Partners and Berkadia Commercial Mortgage, LLC. Berkadia financed the sale for Summit Equity Investments.

Berkadia Commercial Mortgage, LLC a joint venture between Berkshire Hathaway and Leucadia National Corporation, is a master and primary servicer managing a portfolio of more than $200 billion at year-end 2012. As a correspondent for insurance companies and other institutional lenders and a leading approved lender for Fannie Mae, Freddie Mac and HUD/FHA, Berkadia offers clients access to capital for the acquisition, construction, rehabilitation or refinance of multifamily and commercial properties.

For more details, contact Art Wadlund of Hendricks-Berkadia at (520) 299-7200. Trenton Michie can be reached at (801) 532-6143. Joseph Rosen of Summit Equity is at (310) 477-5300 and the Raintree Apartments leasing office is at (520) 441-7750.

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