The local buyer has paid $19.47 million for the 411-unit Stonybrook at 4225 N. First Ave. and $13.21 million for the 253-unit Quail Ridge at 4500 E. Sunrise Dr. According to Tyler Anderson, vice chairman of the institutional group at CB Richard Ellis in Phoenix, no large apartment complexes have been sold in Tucson since last year. "So many deals had traded in the previous two to three years, that there's not much left," he explains. As a result, he says, interest in the properties was high, with nearly a dozen offers received during the 30 days they were on the market.

[IMGCAP(2)]Tyler represented Aimco in the transaction along with Sean Cunningham and Jack Hannum from CBRE's Phoenix office and Mike Sandahl from the Tucson office. Tyler says Aimco disposed of the 92%-leased properties as part of a broader strategy to get out of smaller markets and markets in which it has only a small number of assets. "The sale marks their exit from the city," he tells GlobeSt.com.

Holualoa, by contrast, is looking to build its Tucson portfolio, according to company asset manager Sandy Alter. She says it also is looking for additional apartment projects, retail, office, industrial and hotel properties in Phoenix and other parts of the Southwest. The company, a real estate investment firm focused on the acquisition, repositioning, redevelopment and disposition of under-performing real estate, currently has properties in eight US states, Mexico, France and Switzerland.