X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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

TUCSON-A Santa Barbara, CA-based developer has parted with the Casa Dorinda and Mira Vista Apartments after more than a decade at the helm. The $22.5-million deal has rolled the 251-unit block to a San Francisco buyer.

Jeff Albee, vice president with Sperry Van Ness in Phoenix, says Casa Dorinda LP opted to dispose of both complexes so it can redeploy capital into less management-intensive product. The just-sold properties are the Casa Dorinda Apartments at 7576 N. Mona Lisa Rd. and Mira Vista Apartments at 7596 N. Mona Lisa Rd. While the seller is leaving the area with the transaction, the buyer, Prime Group, is digging in to expand its footprint in the metro.

Albee tells GlobeSt.com that Prime Group beat nine other offers for the property with its market knowledge and plans for economies of scale in managing and upgrading the pair. “These are good class B assets in a class A location,” Albee says.

Albee adds that Prime Group can realize upside from the complexes due to the northwest submarket’s sound fundamentals, including a continued increase in population and barriers to entry. “When you look at the population boom there, especially from boomers wanting to shift from the miserable weather north in the winters, that fuels areas like Vegas and Tucson,” he says. Also adding to the population growth are the nearby University of Arizona and Davis-Monthan Air Force Base.

The complexes are situated on 15 acres, with a combined 95% occupancy. Casa Dorinda, built in 1995, has three one-story and 12 two-story buildings. Sister Mira Vista, completed in 1998, is comprised of two one-story and 10 two-story buildings. Both complexes have two- and three-bedroom units. The monthly rents range from $550 and $820.

Working with Albee on the transaction were Sperry Van Ness senior adviser John Buette and adviser Chris Itule. Neil Sherman, formerly with Sperry, and currently with Axxiom Partners LLC of Phoenix, represented Prime Group.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.