Tucson Community Trades for $38M
- Aug 14, 2017
Berkadia completed the disposition of Mission Palms, a garden-style community in Tucson, Ariz. ROC Senior Living paid the seller, Stoneweg US LLC, $37.6 million for the 360-unit property.
Located at 951 W. Orange Grove Road, the community consists of one- and two-bedroom floorplans ranging from 754 to 1,309 square feet. Units include dishwashers, air conditioners, refrigerators, carpeting, garbage disposals, extra storage and private patios. Common amenities include a clubhouse, business center, tennis court, two swimming pools with a spa, a fitness center and 720 parking stalls. The asset reached 95.6 percent occupancy as of June 2017, according to Yardi Matrix.
High Rental Demand
“We’ve seen strong apartment demand across the Tucson market all year. Mission Palms was a great investment opportunity due to the quality of the property and the various amenities that attract a strong renter community,” Berkadia’s Senior Managing Director Art Wadlund said in prepared remarks.
Wadlund, along with Associate Director Clint Wadlund represented both the buyer and the seller in the transaction. The property’s value rose by roughly 46 percent since the last time it traded for $25.7 million in 2013, when Bridge Investment Group Partners acquired it from The Kislak Organization.
Images courtesy of Yardi Matrix