Art Wadlund, partner of Hendricks & Partners in Tucson, says the seller's plan from the start was to build the complex at 6795 E Calle La Paz, get it stabilized, and then sell it. Wadlund brokered the transaction between the seller and buyer, Nevins Adams Lewbel Schell of Santa Barbara, CA.

"This is a very defined property in the market and doesn't have a lot of competition," Wadlund tells GlobeSt.com. "The buyer thought they could make a few exterior cosmetic upgrades and enhance the property." Nevins Adams Lewbel Schell owns two other complexes in the area; Sonoran Terraces at 7887 La Cholla Blvd. and Saddle Ridge Apartments at 450 W. Cool Dr.

Wadlund says Nevins Adams Lewbel Schell made the offer on the complex after another bid fell out of escrow. He says the developer liked the buyer's track record as well as the offer. The deal required assumption of a $23-million HUD loan with 36 years left on the term, according to the broker. The interest rate is fixed at 5.4%.

Situated on 15.59 acres, the 21-building Finiesterra Apartments has one-, two- and three-bedroom units, ranging from 670 sf to 1,300 sf. Monthly rentals are $785 to $1,150. Nevins Adams Lewbel Schell will manage the complex, which was built in 2005 and 2006.

Although the buyer is fairly active in the Southwest, Wadlund say the company isn't closing on anything else in the near future. "They told me Finisterra was the only deal they had in escrow right now anywhere," he adds.