Tucson Real Estate: Investors continue to snap up apartments

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.

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

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“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 four miles from the property.

Other recent commercial transactions include:

• Riderjak Properties LP bought Vista Palmilla Apartments, a 57-unit complex at 3828 E. Fort Lowell Road from the Dunn Family Trust for $1.7 million. Allan Mendelsberg, with Picor, represented both parties.
• Kenneth Swanson Inc. bought 7,152 square feet of medical space at 4582 N. First Ave. from Southern Arizona Land Ventures LLC for $1.8 million. Andrew D. Sternberg and Robert J. Nolan, of Oxford Realty Advisors, represented the buyer, and Mark Irvin, of Mark Irvin Commercial Real Estate Services, represented the seller.
• Avenue Commons LLC bought 52,100 square feet of land along with improvements at 58 E. Fifth St. and 546 N. Stone Ave. from 5th-7th Center for $1.7 million. The buyer plans to redevelop the site for affordable workforce housing. Randy Emerson, of GRE Partners LLC, represented the buyer.
• Stonesfair Financial Corp. sold 9.25 acres of land at the northwest corner of Cortaro Farms and Shannon roads for $1.6 million. Rick Borane, of Volk Co., represented the seller, and Charles Eckert Jr., of Red Hawk Partners Ltd., represented the buyer, Cortaro Farms Holdings I LLC.
• Mutterperl Medical Diagnostics Clinic leased 4,910 square feet in the Wilmot Professional Plaza, on Wilmot Road just south of Grant Road. Andy Seleznov and Melissa Lal represented the landlord, Larsen Baker.
• Farah Market LLC leased 1,450 square feet at 2351 N. Alvernon Way from
• Maqsood
• & Sons LLC. Robert J. Nolan, of Oxford Realty Advisors, represented both parties.