Coronado Villas sold

Upbeat news about job growth in the Tucson area is fueling optimism by investors in the multifamily market.

Several complexes have sold in recent months, such as the Coronado Villas, a 432-unit property at 9225 E. Tanque Verde Road.

Senior Managing Director Art Wadlund and Associate Director Clint Wadlund of Berkadia’s Tucson office completed the $43 million sale.

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The seller was Prime Residential, based in San Francisco, and the buyer was Oregon-based Tokola Properties.

“Tokola Properties was looking to purchase a quality property in Arizona,” Wadlund said. “With apartment occupancy increasing and job growth accelerating in the Tucson area, the buyer recognized the opportunity Coronado Villas presented to be located within a growing multifamily market.”

Built in 1994, Coronado Villas has one-, two- and three-bedroom units featuring a washer/dryer, double-sided wood burning fireplaces and vaulted ceilings in select units. Community amenities include a fitness center, three swimming pools and spas and a clubhouse. Saguaro National Park East is situated four miles from the property.