TUCSON—Berkadia facilitated the sale of Paseo Del Sol Townhomes, located at 6280 S. Campbell Ave. in Tucson. The seller was Bayview Loan Servicing LLC of Coral Gables, FL; the buyer was Summit Paseo Del Sol LLC of Los Angeles.
Art Wadlund and Clint Wadlund of Berkadia's Tucson office negotiated the transaction.
Clint Wadlund tells GlobeSt.com the submarket is due south of the University of Arizona.
“It is a very unique property in that it features all three- and four-bedroom units,” says Clint Wadlund. “It's also a very tight-knit community centered around the nearby school—Sunnyside—they take a lot of pride in their community.”
The asset traded at a 7.8 cap rate. “It was definitely a yield-driven property. We will see some improvements made by the buyer.”
Built in 1994, the 152-unit property features three- and four-bedroom floor plans and is situated on 11.3 acres of land. Additionally, the property amenities include a swimming pool with sundeck, laundry facility, barbecue grills and dog park. Each unit offers a full-size washer/dryer connection, air conditioning, fully equipped kitchens, breakfast bars and private entries. Select units include wooden plank floors.
Paseo Del Sol Townhomes sold for $8.4 million. The sales price reflects a per-unit price of $54,934, or $50 per square foot. The townhomes have been 95% to 100% occupied over the last six months.
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