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

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

Jeff Albee, vice president with Sperry Van Ness in Phoenix, saysCasa Dorinda LP opted to dispose of both complexes so it canredeploy capital into less management-intensive product. Thejust-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, thebuyer, Prime Group, is digging in to expand its footprint in themetro.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 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.

Multifamily
National