TUCSON—Berkadia Commercial Mortgage LLC announces the sale of Zona Rio, located at 1001 West St. Mary's Road in Tucson. Senior partner Art Wadlund and associate Clint Wadlund of Berkadia's Tucson office negotiated the transaction.
Zona Rio sold for $9.7 million. The sales price reflects a per-unit price of $46,381, or $74 per square foot.
Clint Wadlund tells GlobeSt.com, “The submarket is really strong—it's one of the hottest markets, right near the new, modern streetcar path that goes right up to the University of Arizona. There are hundreds of millions of dollars of amenities—restaurants, student housing, multifamily, shopping, housing and entertainment in the area. It's a market rate property—about 40% students—so it's a great property for that market.”
Built in 1983, the 210-unit property features one- and two-bedroom floor plans. Additionally, property amenities include a resort-style swimming pool, spa, volleyball court, clubhouse with kitchen, theater room, 24-hour laundry facility, barbecue areas, direct access to hiking, biking and jogging along the Santa Cruz River Park Trail and free X-Fit and yoga classes. Each unit offers fully-equipped kitchens, balconies/patios and cable/internet access. Select units feature walk-in closets and outside storage.
The seller was an entity of Capital Texas Properties of Austin. The buyer was Zona Rio Investors LLC of Newport Beach.
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