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TUCSON-A Santa Barbara, CA-based developer has parted with the Casa Dorinda and Mira Vista Apartments after more than a decade at the helm. The $22.5-million deal has rolled the 251-unit block to a San Francisco buyer.
Jeff Albee, vice president with Sperry Van Ness in Phoenix, says Casa Dorinda LP opted to dispose of both complexes so it can redeploy capital into less management-intensive product. The just-sold properties are the Casa Dorinda Apartments at 7576 N. Mona Lisa Rd. and Mira Vista Apartments at 7596 N. Mona Lisa Rd. While the seller is leaving the area with the transaction, the buyer, Prime Group, is digging in to expand its footprint in the metro.
Albee tells GlobeSt.com that Prime Group beat nine other offers for the property with its market knowledge and plans for economies of scale in managing and upgrading the pair. "These are good class B assets in a class A location," Albee says.
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