Radium Investments Buys Apartment Community from HSL Properties for $8.1M
- Jun 11, 2014
HSL Properties sold the 160-unit multifamily property located at 7424 East Speedway Boulevard in Tucson to Radium Investments I L.L.C. The buyer is a recently established entity led by Jim and Kevin Szymanski of James Associates Management Equity Services.
Legacy Capital Advisors financed the$8.1 million ($50,625/unit) sale of the community. Based in Phoenix, the firm specializes in providing capital advisory services to the commercial real estate industry including debt, equity, structured finance and loan modification services. The company also has a long-standing relationship with James Associates which has been active in both Phoenix and Tucson apartment ownership and management. Arranged by Jim Pierson and Keaton Merrell, Legacy Capital secured $6,100,000 in Freddie Mac permanent financing. The deal was brokered by Art Wadlund and Clint Wadlund of Hendricks Berkadia.
“Kevin and Jim Szymanski had a tight time frame on the Posada Del Rio acquisition,” said Jim Pierson, principal at Legacy Capital Advisors. He added that the company succeeded in securing the loan for the buyers in 45 business days, according to a written announcement published by AZRE Magazine.
Built in 1980, Posada Del Rio is a gated community with around 99,280 square feet that offers four floor plans. Each unit features a washer and dryer, wood burning fireplaces, spacious bedrooms and walk-in closets. Just moments from retail stores, restaurants and entertainment, the property also has several community amenities to offer, such as a free covered parking, modern fitness center, a swimming pool and a spa.
Photo credits: Posada Del Rio Apartments via Facebook