168-Unit Skyline Village Sells for $21M-Plus

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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.