TUCSON—Berkadia has closed on three multifamily properties in Tucson: Pantano Park, located at 200 S. Pantano Rd.; Woodridge, located at 8225 E. Speedway Blvd.; and El Conquistador, located at 1881 E. Irvington Rd. Senior managing director Art Wadlund and associate Clint Wadlund of the Tucson office negotiated the transactions.
Clint Wadlund tells GlobeSt.com, “Interest rates are creeping up a little bit, but there are some programs in place in that $7 million range that are helping with that. Overall the market is healthy. People are coming to Tucson chasing that yield. Of course we would like to see more job growth here—we're always looking for job growth. One great thing about Tucson is that it doesn't have the highs and lows like Phoenix; the market is less cyclical. People can come here and get that cash flow.”
Pantano Park sold for $7.2 million. The sales price reflects a per-unit price of $53,015, or $71 per square foot. Associate Rick Salinas of Berkadia's San Francisco office arranged financing.
Built in 1981, the 136-unit property features one- and two-bedroom floor plans. Each unit features fully equipped kitchens, pantries, ceiling fans, vertical and mini-blinds, balcony or patio, storage, walk-in closets and cable/internet access. Select units have fireplaces. Community amenities include a clubhouse with kitchen and fireplace, heated swimming pool, spa, laundry facility, barbecue areas with grills and health club passes.
The community is located near Broadway Boulevard, providing residents access to the entire Tucson area. Pantano Park is two and a half miles from Park Place Mall and eight miles from University of Arizona. Top employers in the immediate area include Tucson Medical Center, St. Joseph's Hospital, Davis-Monthan Air Force Base and Honeywell. The seller was Roy and Sandy Uelner of Milwaukee. The buyer was Mark McMillin of San Diego. Metrowide apartment vacancy in Tucson fell 50 basis points year over year to 8% at the end of the first quarter of this year. Operators advanced rents 1.2% on average in the first quarter to $666 per month.
Woodridge sold for nearly $9.8 million. The sales price reflects a per-unit price of $47,794, or $83 per square foot. Built in 1981, the 204-unit property features one- and two-bedroom floor plans. Each unit features fully equipped kitchens, mini-blinds, balcony or patio, cable access and extra storage. Select units have ceiling fans, frost-free refrigerators, and walk-in closets. Community amenities include a clubhouse with a kitchen, high-speed internet, fitness center, heated swimming pool, spa, laundry facility and garage rentals.
The community is located on Speedway Boulevard, providing residents access to the entire Tucson area. Woodridge is four miles from Park Place Mall and eight miles from University of Arizona. Top employers in the immediate area include Tucson Medical Center, St. Joseph's Hospital, Davis-Monthan Air Force Base and Honeywell. The seller was HSL Properties of Tucson. The buyer was Charles Harris of San Diego.
El Conquistador sold for more than $4.5 million. The sales price reflects a per-unit price of $22,537, or $56 per square foot. Built in 1981, the 201-unit property features studio, one- and two-bedroom floor plans. Each unit features air conditioning, mini-blinds, walk-in closets, built-in dining room tables and cable access. Community amenities include a heated swimming pool, spa, gazebo, fitness center, laundry room with a television lounge, tennis, sand volleyball, racquetball and basketball courts, jogging track, shuffleboard and horseshoes.
The community is located on Irvington Road and near Campbell Avenue and Interstate 10, providing residents access to the entire Tucson area. El Conquistador is three miles from Tucson International Airport and five and a half miles from the Tucson Convention Center. Top employers in the immediate area include University of Arizona, Raytheon Missile Systems, Providence of Arizona Inc., and University Medical Center. The seller was Coordinated Partners Inc. of Salt Lake City. The buyer was Oksenholt Corporation of Lincoln City, OR.
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