Tucson-area apartment complexes continue to be a hot commodity for investors logging several recent sales.
A Massachusetts-based investment company bought The Canyons at Linda Vista Trail, a 228-unit luxury complex, for $41.2 million.
The gated community sits on 13 acres at 9750 N. Oracle Road and offers one- to three-bedroom units with nine-foot ceilings, hardwood floors and quartz countertops.
It is Northland Investment Corp.’s fourth purchase in the Tucson area, which has been a top performing market for the firm in the past two years.
“We are thrilled to be adding The Canyons at Linda Vista Trail to our portfolio in a market where we have experienced great success and see continued room for growth and expansion, given high demand and currently low levels of supply,” said Matthew Gottesdiener, chief investment officer for Northland.
The Canyons at Linda Vista Trail acquisition brings Northland’s multifamily portfolio to nearly 1,800 units locally. The firm also owns Villas at San Dorado, the Hilands complex at 5755 E. River Road and Promontory apartments at 60 W. Stone Loop.
- Investors Capital Group bought Domain 3201, a 289-unit complex at 3201 W. Ina Road from Aspen Square Management for $37.75 million. Hamid Panahi, Steve Gebing and Cliff David, with Institutional Property Advisors — a division of Marcus & Millichap — handled the sale.
- The 110-unit Orange Tree Village Apartment Homes, 645 W. Orange Grove Road, sold for $15.9 million. Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick, Eddie Chang and Ryan Kippes, with ABI Multifamily, represented the seller, Next Wave Investors LLC and the buyer, a private investment partnership composed of BlueSky Equity and Vista Laguna Asset Management out of California, Hamick Asset Management out of Texas, and Valley Oaks Capital out of Phoenix.
Other recent commercial transactions include:
- Campbell 19G LLC sold retail property at 2643 N. Campbell Ave. to QuanAnhdai LLC for $1.2 million. The property is fully leased to Hoki Poki and Your CBD Store. Jeramy Price, with Volk Co., handled the sale.
- The River 5 LLC bought 3,926 square feet at 1640 E. River Road, in the Mesquite Corporate Center, for $779,000. It will house Catalina Wealth Management. Brenna Lacey, with Volk Co., represented the buyer and Tom Nieman, with Picor, represented the seller.
- Wildcat Properties LLC bought 5.22 acres in the Southpointe Business Park, 6885 E. Southpointe Road, for $480,000. David Carroll, with Romano Real Estate Corp., represented the buyer and Jesse Blum and John Slattery, with CBRE, represented the seller.
- Dr. Sheila Jalalat leased 3,300 square feet at 8580 N. Oracle Road from Shoppes at Oracle Road Revocable Trust. Tanner Milne, of Menlo Group, represented the tenant and Robert Nolan, of Oxford Realty Advisors, represented the landlord.
- Wilmot Family Dentistry LLC leased 2,972 square feet at 899 N. Wilmot Road from Holland Arizona Investments LLC. Lori Casey and Cameron Casey, of Oxford Realty Advisors, represented both parties.
- Asian Eyebrow Threading LLC leased 1,400 square feet at 8260 N. Cortaro Road from Vail Building Arts Associates LTD. David Carroll, with Romano Real Estate Corp., represented the landlord.