NorthMarq sells Casa del Coronado Apartments for $11.2M
The Casa del Coronado Apartments, located at 201 West Blacklidge Drive in, Tucson, Arizona, sold this month for $11,200,000. The NorthMarq Multifamily team of Bill Hahn, Trevor Koskovich, and Jesse Hudson represented both the seller and the buyer in this transaction.
201 W Blacklidge Dr, LLC, of Freemont, California was the buyer.
Financing for the acquisition included a $7,462,000 loan from Freddie Mac, which was arranged by NorthMarq Capital’s James DuMars, managing director, and Griffin Martin, vice president. “Our team’s volume across the Southwest continues to be robust and momentum is building for a record yearend finish. It helps to have the support of a high level Freddie Mac deal team that continues to enable us to deliver timely and optimal results for our clients,” said DuMars.
“Casa del Coronado was the buyer’s second Arizona acquisition this year,” says Hahn. “They gained scale in the Tucson market by taking advantage of the lower price-per-unit opportunities compared to the more aggressive and competitive Phoenix market.”
Blacklidge Terrace Apartments – Tucson, LLC, an entity formed by Del Marco Capital of Arizona, was the seller. Del Marco Capital is a privately held real estate investment company with a primary focus to develop and acquire underperforming multifamily assets in the western U.S. Owner and CEO Marco Lizardi has relocated his company from Seattle, Washington to southern Arizona.
The 208-unit Casa del Coronado apartment community, built in 1983, is situated on 6.61 acres with 54 percent studio units, 23 percent one-bedroom units, and 23 percent two-bedroom units. The property, located on the south side of Blacklidge Drive east of Oracle Road, is three miles from the University of Arizona, which enrolls over 40,000 students, and conveniently located next to Tucson’s Grant Road Improvement Project. The $2.1 billion plan includes widening street lanes, streetscape and pedestrian improvements to create a state-of the art, multi-modal transportation corridor. New popular restaurants and retail centers recently opened along Grant Road including Culinary Dropout, The Yard at Grant Road Lumber, and Zinburger.