Berkadia Arranges $28M Sale of Arizona Community

The 254-unit property was acquired by FW Group from seller Prime Residential.

by Evelina Croitoru

Dorinda Vista, Tucson, Ariz.
Dorinda Vista, Tucson, Ariz.

Tucson, Ariz.Berkadia has announced the $27.9 million sale of Dorinda Vista, a multifamily property in Tucson, Ariz. Senior Managing Director Art Wadlund and Associate Director Clint Wadlund of the company’s Tucson office represented Seattle-based buyer FW Group. The property was acquired from the San Francisco-headquartered Prime Residential.

“Dorinda Vista is the third acquisition for FW Group in the Tucson market in the past 12 months. Properties in the Tucson market have been highly sought after this year by investors, and the addition of Dorinda Vista to FW Group’s portfolio compliments their other two Tucson properties nicely,” Art Wadlund said in prepared remarks.

Located at 7596 N. Mona Lisa Road, the 254-unit community build in 1998 features one-, two- and three-bedroom floor plans. The property offers amenities including a fitness center, two swimming pools and spas, a business center and a clubhouse. Dorinda Vista is less than 9 miles away from the Catalina Foothills and downtown Tucson. In addition, the property offers convenient access to Ina Road and Interstate 10. According to Yardi Matrix data, the property was acquired by Prime Group back in 2007 for $22.5 million from Gallup & Whalen Properties. The asset is currently subject to a $8.5 million Fannie Mae loan due in 2018.

Image courtesy of Dorinda Vista Apartments