Tag Archives: Art Wadlund

The Place at Tierra Rica Photo 3

Berkadia sells multifamily property in Tucson for $14.3M

Berkadia sold The Place at Tierra Rica, a multifamily property located at 3201 and 3225 West Ina Road in Tucson, Arizona.  Senior Managing Director Art Wadlund and Associate Clint Wadlund of the Tucson office facilitated the sale. The property sold for $14.3 million on May 28, 2015. The sale price reflects a per-unit price of $49,479, or approximately $69 per square foot.

The buyer was Aspen Square of West Springfield, Massachusetts. The seller was MC Companies of Scottsdale, Arizona.

“Investment activity in the Tucson area has been heating up,” Wadlund said. “Recent growth in the local job market over the first quarter of 2015 has driven rental demand, and we expect that to be an ongoing, key factor in investment activity.”

The Place at Tierra Rica Photo 1Built in 1988, the property’s 288 units offer one-, two-, and three-bedroom floor plan options. Unit amenities include ceiling fans, dishwashers and refrigerators. Select units offer full sized washers and dryers, breakfast bars, and built-in bookcases. Community amenities include a clubhouse, business center, fitness center, lighted tennis court, two spas, three swimming pools, laundry facilities, picnic areas and WiFi hot spots.

The Place at Tierra Rica is located near Interstate Highway 10 and is fewer than two miles from both the Foothills Mall and the Omni Tucson National Resort. Top area employers include Northwest Medical Center, Foothills Mall and Omni Tucson National Resort.

Metro-wide apartment vacancy in Tucson fell 50 basis points year-over-year to 8 percent at the end of the first quarter of 2015. Operators advanced rents by an average of 1.2 percent during the first quarter to $666 per month, as rental demand jumped.

Posada Del Rio

Legacy Capital finances 160-unit multi-housing property in Tucson

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.