Continued good news in the Tucson job market has boosted confidence among apartment investors and the industry continues its hot streak.
Berkadia handled the sale of The Springs at Continental Ranch, a 196-unit complex at 7901 N. Cortaro Road.
MG Continental LLC of New York sold the complex to Scottsdale-based Bascom Arizona Ventures LLC for $20.9 million.
โOwners, investors, and managers in the Tucson multifamily marketplace have demonstrated noticeably increased optimism,โ a market report prepared by Picor Commercial Real Estate says. โExpansion of investor interest is anticipated as Tucson is just beginning to see significant growth.โ
The Springs has loft, one-, two-, and three-bedroom units and amenities include a clubhouse, business center, two heated swimming pools, a 24-hour sauna and fitness center.
Art Wadlund and Clint Wadlund, of Berkadia, handled the sale.
