Legacy Capital Advisors, Phoenix, recently financed the sale of Posada Del Rio, a 160-unit multifamily property located in Tucson, Ariz. The building is approximately 99,280 square feet and was built in 1980. The property was sold to Radium Investments I, LLC (an entity formed by Jim and Kevin Szymanski of James Associates Management Equity Services, LLC). The seller was HSL Properties. The sales price was $8.1 million, which equates to $50,625/unit.
“Kevin and Jim Szymanski had a tight time frame on the Posada Del Rio acquisition and we were able to secure a great new loan for them in 45 business days,” stated Jim Pierson, Principal at Legacy Capital Advisors.
Legacy Capital Advisors secured $6,100,000 in Agency (Freddie Mac) permanent financing. Financing was arranged by Jim Pierson and Keaton Merrell of Legacy Capital Advisors in Phoenix and the deal was brokered by Art Wadlund and Clint Wadlund of Hendricks Berkadia. Legacy Capital has a long-standing relationship with James Associates which has been active in both Phoenix and Tucson apartment ownership and management.