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TUCSON, AZ-Ten bidders vied for ownership, but it was a Florida investor who came out the winner in the competition to add the 330-unit Sundown Village apartment complex to its real estate portfolio.

JI Kislak Inc. of Miami Lakes put up nearly $16.7 million to win Denver-based Aimco’s nod for 8215 N. Oracle Rd., a 1984 multifamily community overlooking Tucson’s Catalina Mountains. “They were quite familiar with the area and decided to purchase a second property in that community,” CB Richard Ellis Inc.’s Sean Cunningham tells GlobeSt.com of the Florida firm that three years ago purchased Mission Palms, its first loacl apartment holding.

Jack Hannum, also with CBRE’s Phoenix office, tells GlobeSt.com that competition was stiff for Sundown Village. “We had a lot of interest in that property,” he says of the property, which went on the market in April. “People just came out of the woodwork.”

Cunningham says interest was intense because of the complex’s 94% occupancy, steady collections and the availability to place new financing on the mix of one- to three-bedroom units. JI Kislak survived the first round of offers made to the seller, Cunningham adds, only to come in with the highest bid during a second round of negotiations.

The complex, located near Magee Road, features four swimming pools, a spa, indoor fireplaces, covered parking and laundry facilities. The unit mix ranges from 638 sf to 1,209 sf and rents for an average of $612 per month.

Cunningham and Hannum along with Tyler Anderson, also with CBRE in Phoenix, and Mike Sandahl, with the company’s Tucson location, negotiated the transaction on behalf of Aimco. The buyer used an in-house broker to negotiate its interests.

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