Yardz on Kolb, a 410-unit asset in Tucson, Ariz., has changed ownership. Monarch Investment and Management Group, represented by Marcus & Millichap’s Institutional Property Advisors, sold the property for $65.5 million, or $159,756 per unit. Greenwater Real Estate Management acquired the asset.
This is not Greenwater’s first foray in the Tucson market. The company hold more than 1,000 units in the area, according to Yardi Matrix data.
Built in two phases, completed in 1972 and 1974 on 17 acres, the 45-building garden-style property consists of studio, one-, two- and three-bedroom apartments. Common-area amenities include a fitness center, clubhouse, basketball court, three swimming pools and a spa.
Located at 1345 S. Kolb Road, the community is within walking distance of several retail and dining options within Palo Verde Plaza and Eastpoint Marketplace, among others.
First Vice President Hamid Panahi and Executive Managing Directors Steve Gebing and Cliff David of IPA represented the seller. Greenwater will continue an ongoing interior renovation program, Panahi mentioned in a prepared statement.
The acquisition of Yardz on Kolb marks the final sale from IPA’s Tucson Five Portfolio, which sold for a collective $204 million. The other four assets are Hampton Park, Lakeside Casitas, San Mateo and Solano Springs.