BERKADIA COMPLETES $31.5 MILLION SALE OF TUCSON, ARIZONA MULTIFAMILY PROPERTY

Berkadia announced today the recent sale of The Springs at Silverbell, a multifamily property located in Tucson, Arizona. Senior Managing Director Art Wadlund and Associate Director Clint Wadlund of the Tucson office, and Senior Managing Director Mark Forrester and Managing Director Ric Holway of the Phoenix office completed the sale for $31.5 million to Bascom Arizona Ventures LLC., based in Scottsdale, Ariz.

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“We’ve seen a lot of activity in the Tucson market over the course of the year,” Art Wadlund said. “The Springs at Silverbell was an attractive investment opportunity due to both the recent appeal of the market and the value-add potential of the property itself.”

 

The property, which was sold by Silverbell 290 Limited Partnership of Sun Lakes, Arizona, offers one-, two- and three-bedroom floor plans. Unit amenities include Energy Star appliances, full-size washer and dryer units and direct-access private garages in select units. Residents of the 290 units can enjoy community amenities such as a clubhouse, two swimming pools with cabanas, two spas and a 24-hour fitness center. Located at 7759 N. Silverbell Road in Tucson, the allows for quick access to the Tucson Premium Outlet Mall. The property was built in 2002.

 

Tucson metro-wide vacancy fell 110 basis points year-over-year to 6.5 percent at the end of May 2016. Four quarters of increasing asking rent resulted in year-over-year rent appreciation of 4.2 percent to $713 per month in mid-2016.

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