The Wasatch Group has sold Overlook at Pantano, a 444-unit garden-style community in Tucson, Ariz. Element Property Co. paid $38 million for the Class C asset that traded for the first time since its development in 1985. ABI Multifamily represented both parties in the deal.
Located at 1800 S. Pantano Road in the Near East submarket, the community consists of 24 two- and three-story buildings spread across a 15.6-acre parcel. Overlook at Pantano has one- to three-bedroom floorplans averaging 638 square feet. Amenities include a fitness center, a playground, a dog park and two swimming pools. According to Yardi Matrix data, the property was 93.2 percent occupied as of January.
The property is approximately 10 miles southeast of downtown Tucson, near Pantano Wash. Palo Verde Plaza and Desert Square Shopping Center are both within a 1.5 mile radius of the community.
ABI Multifamily Arizona’s team of Alon Shnitzer, John Kobierowski, Rue Bax, Eddie Chang and Doug Lazovick assisted both the buyer and the seller in the transaction.
With the addition of Overlook, Element will own and operate a portfolio of nearly 4,000 units across the Western US, with more than 2,000 units in the Tucson MSA alone. In April, the company acquired another Tucson multifamily asset from its developer, which had owned the property since its 1989 construction.