HSL Properties has acquired two apartment communities in its hometown of Tucson, Ariz., for a total of $37.4 million from San Diego-based MG Properties.
Casas Lindas Apartment Homes, 144 units at 699 W. Magee Road, was purchased for $17.65 million. The property features one- and two-bedroom floor plans with in-unit washers and dryers, wood-burning fireplaces and patios or balconies. Community amenities include a basketball court, pool, fitness center, clubhouse and covered parking.
Springhill Apartment Homes, 224 units at 8030 E. Lakeside Parkway, was acquired for $19.78 million. The property has one- and two-bedroom floor plans with full-size washer and dryers, oversized closets, ceiling fans and balconies. Located within walking distance to Lakeside Park, the community features a fitness facility, pool, barbecue grills and covered parking.
The acquisitions bring HSL’s multifamily portfolio to more than 40 apartment communities in Arizona. Most of the properties are in Tucson followed by Phoenix, Casa Grande and Yuma, Az., for a total of approximately 10,000 units and more than 7 million square feet. HSL is the largest apartment owner in Southern Arizona and one of the largest in the state. Formed in 1975, the company also owns eight hotels and other real estate holdings including office buildings, call centers and industrial parks.
In June, HSL refinanced Enclave at the Foothills, a 300-unit garden-style property in Tucson with a $19.2 million 10-year loan secured through Freddie Mac by Berkadia. HSL had acquired the property, built in 1986 at 7300 N. Mona Lisa Road, in early 2017.
Earlier this year, HSL sold River Oaks Apartments, a 300-unit community at 7730 W. Broadway Blvd. in Tucson, for $20.5 million to Varia U.S. Properties through Stoneweg, its Switzerland-based asset manager.