(To read more on the multifamily market, click here.)

TUCSON-In its second local sale within the past handful of weeks, a San Diego-based multifamily residential property management company has closed on the 168-unit Skyline Village for $21.5 million. The property is located at 6651 N. Campbell Ave. and will be converted into condominiums.

The seller, ConAm Management Corp., recently closed on the 180-unit Village at the Foothills in Phoenix, and is scheduled to close shortly on another luxury multifamily property in the area.

According to Tyler Anderson, executive vice president of CB Richard Ellis Co.’s Phoenix office, the unpriced offering for Skyline Village went through a 30-day marketing period. It attracted approximately 15 offers, with the eventual purchase nod going to PAW Development of Denver. In addition to offering an aggressive price, “they’re the same group that had purchased Tierra Catalina in Tucson about a year ago from the seller, so there was already a relationship there,” notes Anderson.

Anderson, with Sean Cunningham of CB Richard Ellis’ Phoenix office and Mike Sandahl of CB Richard Ellis’ Tucson office represented both seller and the buyer in the transaction.

Anderson tells GlobeSt.com that the estimated costs for conversion are likely to range between $15,000 and $20,000 per unit. The conversion timeline and sales price could not be obtained by press time.

Built in 1989, the property has a pool with spa, fitness center and tennis courts. The 48 one-bedroom apartments average between 780 sf and 947 sf, and are at a market monthly rental rate of $730 to $825 per month; while the 120 two-bedroom units average between 1081 sf and 1194 sf, and are offered at a monthly market rental rate of $880 to $995 per month.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.