Art Wadlund with Hendricks & Partners' Tucson office saysthe 25-year-old complex at 2801 N. Oracle Rd. had been on themarket for more than a year and already under contract once beforefalling out of escrow. "We had a couple of people after that makingbids, but we ended up choosing this buyer because he had the bestchance of closing," says Wadlund, who brokered the transaction. "wewere right." He tells that the buyer obtained financingfrom HSBC Bank USA Inc. of New York City.


Cambridge Village Apartments is situated on 6.85 acres. The 12,two-story buildings has studios, one- and two-bedroom apartments.Monthly rents are from $390 to $675, while units measure between391 sf for studios to 939 sf for two-bedroom units.


City Hall Realty's sale of Cambridge Village Apartments leavesone remaining asset in its portfolio, the 165-unit SunpointeGardens at 2727 N. Oracle Rd., located next door. "We're activelymarketing the property, but there is no call for offers at thistime," Wadlund says.


Wadlund says New City put the portfolio on the market followinga four-year hold because the partnership was disbanding. Within thepast year alone, the seller has disposed of the 290-unit MetroVillage Apartments at 3106 W. Vogel Ave. and the 160-unit ParkwoodApartments at 5656 N. 17th Ave., both in Phoenix; and the 258-unitSierra Vista Apartments at 3535 N. First Ave. in Tucson.

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