One of the country’s largest apartment owners has bought its fifth complex in the Tucson area.
Newton, Mass.-based Northland Investment Corp. recently added Pima Canyon Apartments to its portfolio. The sale price was $44.8 million, records from the Pima County Recorder’s Office show.
Pima Canyon is a new complex on Orange Grove Road, just west of Oracle Road, with 240 units.
“As our company expands its presence throughout the Southwest, we continue to see tremendous value in Tucson,” said Matthew Gottesdiener, chief investment officer for Northland. “We’re excited that the acquisition of Pima Canyon adds another luxury asset to our portfolio and one that helps us offer a compelling unit mix to prospective residents in the region.”
Pima Canyon is a gated community and the units have 10-foot ceilings and several amenities on site. It also has room for a second phase of development, which would add an additional 50 units.
The complex is near Northland’s other luxury apartments, Villas at San Dorado and The Canyons at Linda Vista Trail. The company also owns Hilands I and II and Promontory apartments.
The firm was named to the 2019 National Multifamily Housing Council’s list of Top 50 Largest Apartment Owners.
Other recent commercial transactions include:
- Crystal Tree Traders LLC, dba The Girls Estate Sales, bought the former U Like Buffet restaurant at 330 S. Wimot Road from AEI Investment Fund for $1.1 million. Brandon Rodgers, with Picor, represented the buyer of the 9,625-square-foot space. Picor’s Greg Furrier and Rob Tomlinson represented the seller.
- MRR Holdings LLC bought 7.37 acres of vacant land on the southeast corner of Ina Road and First Avenue from Eve Schocket, as trustee under the Eve Schocket Trust, for $930,000. Thomas J. Nieman, with Picor, represented the seller.
- 243 Bordon’s Court LLC bought a 46-unit apartment complex at 243 E. 33rd St. from K3 Associates LLC. for $883,000. Allan Mendelsberg, with Picor, represented the seller.
- Tucson Community Meditation Center Inc. bought a 1,650 square-foot building at 1147 N. Howard Blvd. from 1147 N. Howard Blvd. LLC for $205,000. Picor’s Rob Tomlinson handled this transaction.
- Pepperidge Farm Inc. leased 15,000 square feet of industrial space from Park Ajo Associates in the Park/Ajo Commerce Center, 3770 S. Park Ave. Ron Zimmerman, with Picor, represented the landlord and Russell W. Hall and Stephen D. Cohen, with Picor, along with Brian Borget of Cushman & Wakefield, Stamford, Ct., represented the tenant.
- Selena’s Salvadorian Food leased 1,106 square feet in Kwan Center, 2513 N. Campbell Ave., from Kevin Kwan. Dave Hammack and Ramiro Scavo, with Picor, represented the landlord.
