Next Wave Investors has sold the Orange Tree Village Apartment Homes in Tucson, Arizona, for $15.9 million to a partnership between BlueSky Equity, Vista Laguna Asset Management, Hamick Asset Management and Valley Oaks Capital. The investor purchased the property in 2018, and completed a capital improvement strategy that drove significant rental value at the property.

Orange Tree Village features 22 one- and two-story buildings on 9.13 acres with a mix of 20 one-bedroom units, 66 two-bedroom units and 24 three-bedroom units, with a weighted average of 1,274 square feet.

ABI Multifamily's Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang, along with Ryan Kippes of ABI's Tucson office, represented both the buyer and the seller in the deal.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.