APRA Capital Pays $54M for Tucson Community

Institutional Property Advisors represented the seller, HSL Properties, and also procured the buyer.
Sundown Village. Image courtesy of Institutional Property Advisors

APRA Capital has purchased Sundown Village, a 330-unit multifamily property in Tucson, Ariz., for $54.45 million or $165,000 per unit. Institutional Property Advisors brokered the deal on behalf of the seller, HSL Properties, and procured the buyer.

Located at 8215 N. Oracle Road, the 1984-built property is close to Pima Community College and within 10 miles from the University of Arizona. There are three shopping centers within a mile of the community, and major nearby employers include Roche Pharmaceuticals, Honeywell and Sanofi-Aventis.

Community amenities include three swimming pools, hot tub spa, barbecue and picnic areas, as well as a clubhouse and 24-hour emergency maintenance service.

HSL Properties is the fourth owner of Sundown Village, after Property Trust of America, Aimco and The Kislak Organization. In 2012, the property was subject to a $15.4 million loan originated by Zions Bank, with an annual interest rate of 18 percent.

Hamid Panahi, first vice president of investments, along with Executive Managing Directors Steve Gebing and Cliff David led IPA’s sales team.

Top transactions, upcoming market

IPA is no stranger to high-profile deals. Earlier this year, the brokerage company assisted The Statesman Group in the sale of a luxury property in Phoenix’s Northeast Valley for $117 million. Shortly after, IPA worked with joint venture partners Griffin Capital and Legacy Partners in the $100 million disposition of a 261-unit property in Monrovia, Calif.

Panahi said in prepared remarks that Tucson emerged as one of the national leaders in terms of rent growth in 2020, with the market’s multifamily vacancy rate reaching its lowest in 20 years. As the national economy improves, IPA expects that Tucson will be one of the top multifamily markets in 2021, Panahi added.