Monarch Investment and Management Group has sold Lakeside Casitas, a 310-unit community in Tucson, Ariz., to Bridge Investment Group, for $63.3 million. Institutional Property Advisors represented the seller and procured the buyer.
Built in 1983 on 21 acres, the community comprises one- to three-bedroom floorplans ranging from 660 to 1,080 square feet, Yardi Matrix data shows. Units have private patios, open living areas and washers and dryers. Lakeside Casita’s amenities include a pool, spa, business center and koi pond, as well as covered parking.
Located at 8250 E. Golf Links Road, the 40-building property is some 10 miles southeast of downtown Tucson. Interstates 10 and 19 also provide access to large nearby employers such as Davis-Monthan Air Force Base, Alorica, Amazon, TuSimple and Agero. Tucson International Airport is 12 miles southwest of the property.
Considering Tucson’s relatively low pipeline and notable rent growth, Lakeside Casitas can substantially benefit from strategic value-add investments, IPA’s First Vice President Hamid Panahi said in prepared remarks. Panahi and Executive Managing Directors Steve Gebing and Cliff David formed the IPA team that brokered the deal.