Mike Sandahl of CB Richard Ellis Inc.'s Tucson team along with Tyler Anderson and Sean Cunningham, both of the Phoenix office, represented Invesco. Sandahl tells GlobeSt.com that the property was on the market for about three months, par for the course in today's buying climate. He says the property generated "strong interest" from potential buyers in and outside of Tucson, selling for close to its asking price.
The 93%-occupied Boulder Canyon at La Reserve is located at 1500 E. Pusch Dr. In a prepared statement, CBRE says HSL purchased the apartment community for its "excellent revenue potential." The one- to three-bedroom units bring in rents ranging from $625 to $875 monthly. Alliance Residential Co. managed the property for Invesco, which acquired the complex for the pension fund in 1995 shortly after it was developed for $14.5 million.
The sale is the second class A complex in Oro Valley to change hands in the past month. The 144-unit Pusch Ridge Apartments at 9901 N. Oracle Rd. sold for $9.3 million.
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