Phoenix Value-Add Apartment Play Trades After One Year

Next Wave Investors has sold the Orange Tree Village Apartment Homes in Tucson, Arizona, for $15.9 million to a partnership between BlueSky Equity, Vista Laguna Asset Management, Hamick Asset Management and Valley Oaks Capital. The investor purchased the property in 2018, and completed a capital improvement strategy that drove significant rental value at the property.

Orange Tree Village features 22 one- and two-story buildings on 9.13 acres with a mix of 20 one-bedroom units, 66 two-bedroom units and 24 three-bedroom units, with a weighted average of 1,274 square feet.

ABI Multifamily’s Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang, along with Ryan Kippes of ABI’s Tucson office, represented both the buyer and the seller in the deal.