Tucson Real Estate: Apartment sales strong as year ends

Strong interest in Tucson-area apartments continues as the year closes out with several deals.

Berkadia completed $45.44 million in sales of two properties totaling 284 units.

Senior managing director Art Wadlund and associate director Clint Wadlund completed the deal on behalf of the buyer, California-based M3 Multifamily LLC and the seller, Aerie Development, based in Arizona.

“The buyer was attracted to the properties for multiple factors, mainly the single-story apartment home concept,” said Art Wadlund. “The homes are ideally located in the I-10 and Ina/Thornydale corridor and have many features similar to custom homes.”

Avilla Marana I and Avilla Marana II are adjacent properties at 4050 and 4115 W. Aerie Drive. Avilla Marana I sold for $26.56 million, and Avilla Marana II sold for $18.88 million.

The Ledges at West Campus, a 205-unit complex, was sold by Aspen Square Management to a private investor for $23 million.

“Previous ownership improved the presentation of the property and minimized capital cost exposure for new ownership by investing significantly in exterior and interior enhancements,” says Hamid Panahi, first vice president investments for Marcus & Millichap.

“New ownership will have the opportunity to continue the programmatic implementation of select interior finish upgrades to optimize resident demand and maximize rent revenue.”

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Panahi, senior managing director Steve Gebing and senior managing director Cliff David brokered the deal.

The property, at 2162 W. Speedway, was developed in 1997 and features one- and two-bedroom apartment homes and four-bedroom townhomes.

Marcus & Millichap also brokered the sale of Blacklidge Flats, a 34-unit complex at 3002 N. Mountain Ave., for $1.9 million by The Bakerson Group to RIVI Family Trust.

“The Bakerson Group has replicated their long success in repositioning assets in Phoenix in the Tucson MSA,” said James Crawley of Marcus & Millichap’s Phoenix office, who, along with David, Gebing and Panahi, listed the property.

“Blacklidge Flats has seen a tremendous overhaul of capital improvements since acquisition as Bakerson continues to be one of the most active groups in Tucson.”

Other recent commercial transactions include:

• Goodwill bought its store on the southwest corner of Golf Links and Houghton roads for $3.6 million from the landlord, Larsen Baker. Andy Seleznov and Melissa Lal represented the seller, and David Blanchette, of NAI Horizon, represented the buyer.
• Grasky Endurance Coaching leased 4,637 square feet in Crossroads Festival, at the northeast corner of Grant and Swan roads,
• for the sale and service of bicycles and related accessories and bicycle training. They are scheduled to open in February. Andy Seleznov and Melissa Lal represented the landlord, Larsen Baker, and David Carroll, of Romano Real Estate, represented the tenant.
• APEX Mixed Martial Arts leased 4,030 square feet at Wetmore Plaza, on the northwest corner of
• Oracle and Wetmore roads, for a martial-arts studio specializing in MMA, self-defense and boxing. They are scheduled to open in March. Andy Seleznov and Melissa Lal represented the landlord, Larsen Baker.
• Medical Management Group leased 2,822 square feet at
• 10195 N. Oracle Road in El Conquistador Executive Park. Dave Hammack, of Volk Co., represented the tenant. David Montijo and Damian Wilkinson, of CBRE, represented the landlord, Leximar LLC.