The 125-unit complex, built in 1979, was never on the market, GlobeSt.com is told. Marcus & Millichap brokers in Tucson and Los Angeles teamed the seller and buyer, worked out the fine details and made it a done deal at the closing table. Mike McClain of the Tucson office represented the seller and Lane Schwartz in Los Angeles handled negotiations for the buyer of record, R&S Babay LLC.
Altamira at 855 E. River Rd., situated at the base of the Catalina Foothills, was the only one in the four-complex Tucson portfolio that Nevins & Adams was willing to sell. The seller also owns several class A properties in Phoenix while the buyer holds the deed to Tucson's 108-unit Coachlight Plaza.
Nevins & Adams, under the entity of Altamira-45, acquired the holding in 1995. The complex, consisting of one- and two-bedroom units, is positioned on nearly nine acres.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.