An apartment complex on Tucson’s east side has been sold for $65.5 million.
The 410-unit Yardz on Kolb, on Kolb Road near 22nd Street, was constructed between 1972 and 1974 on 17-plus acres as a garden-style property, a news release said.
“Yardz on Kolb is an excellent candidate for the implementation of an interior renovation program,” said Hamid Panahi, first vice president of Institutional Property Advisors. “Previous ownership modernized a small percentage of the units, creating the opportunity for the buyer to continue or exceed the improvement program to optimize demand and maximize future revenue growth.”
Panahi and IPA’s Steve Gebing and Cliff David represented the seller, Monarch Investment and Management Group, and procured the buyer, Greenwater Real Estate Management.
The transaction completes the sale of one of the largest multifamily portfolios in Tucson, the 1,286-unit Tucson Five Portfolio. Closed by Panahi, Gebing and David for a total of $204 million, the other four properties in the portfolio are Hampton Park, Lakeside Casitas, San Mateo and Solano Springs.
Other recent commercial transactions include:
National Vision, doing business as Eyeglass World, leased 5,091 square feet at the Circle Plaza Shopping Center, 7204 E. Broadway. The lease fills the last vacancy at the shopping center, bringing it to 100% occupancy. Larsen Baker’s Isaac Figueroa represented the landlord, Circle Plaza Investors, LLC, an affiliate of Larsen Baker. The tenant was represented by Ryan Tanner with JLL.
Canyon Oasis, a 24-unit apartment community at 3433 E. Bermuda Street, sold for $2 million. The seller, MLIII investments, LLC, was represented by Joseph Chaplik of Joseph Bernard Investment Real Estate. The buyer, Atlas Real Estate, LLC, was represented by Joe Boyle, also of Joseph Bernard Investment Real Estate.
The Southern Arizona Association for the Visually Impaired purchased an office building from TRT Grant/Rita Associates, LLC, an affiliate of Larsen Baker, for $2 million. SAAVI will relocate from its headquarters at Grant Road and Alvernon Way to the building at 3350 E. Grant Road. The seller was represented by Isaac Figueroa. SAAVI was represented by Gregory Hopley with Colliers. Founded by two sisters in 1964, SAAVI first began as a social club for visually impaired individuals and has since grown into a statewide agency serving thousands of visually impaired children, adults and seniors throughout the state of Arizona.
Josie Zapata and Rossana Lievanos, residents of the Miles' neighborhood, started an art gallery wall in an alleyway near E 13th St & S Vine Ave. in March 2021. There are over 100 pieces of artwork made by children, local residents and some bought at a local thrift store. Video by: Mamta Popat, Arizona Daily Star
