"With the purchase of these two properties complete, offering an extended rate lock on La Jolla de Tucson enabled Holualoa to take this property off the street and also placate a very touchy seller," says Alliant Capital senior vice president Jay Blasberg.

Holualoa bought all three properties from Denver-based Apartment Investment & Management Co. In addition to La Jolla, they include the 411-unit Stonybrook Apartments and 253-unit Quail Ridge Apartments. The $32.7 million sale of Stonybrook and Quail Ridge closed in July. The buyer contracted the La Jolla property in September for $9.5 million. The sale marked the seller's exit from the market.

According to Blasberg, the transaction took 229 days to close, during which Alliant locked in the interest rate. The closing was complicated by the project's reliance on a $6 million construction bond issued by surrounding Pima County as part of an affordable housing program. About $4.3 million remained to be paid on the bond at the time of sale. The new loan, which has a nine-year term and a 30-year amortization, includes funds to close out the bond.

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