SCOTTSDALE, AZ-Less than a month after buying Casa Santa Fe from Fairfield Residential LLC, HSL Properties Inc. closed on its neighbor, Cabrillo Apartments. Much like Casa Santa Fe, Cabrillo Apartments had undergone extensive renovation by Fairfield Residential, which declared Chapter 11 in late 2009.

HSL Properties’ executive vice president Omar Mireles tells that both assets were negotiated at the same time, with staggered closings. With Cabrillo Apartments at 11620 East Sahuaro Dr. firmly in its portfolio, the Tucson-based HSL has obtained a 75% LTV loan on both assets. The Fannie Mae loan was originated by Alliant Capital. HSL Properties was self-represented, while Eastdil Secured and Transwestern’s Phoenix office had the listing.

Mireles says HSL Properties is continuing to seek out opportunities and the good news is that there are more opportunities hitting the market, at least in Tucson. “These are the ones that are hitting our parameters,” he explains. “Newer product, preferably 1990s build or later, that would be B-plus to A-class product.” Until recently, he goes on to say, Tucson had a fairly limited supply of such product. Phoenix, however, has been somewhat different, with more quality assets hitting the market in the metro region.

While opportunities are becoming more plentiful, so are the potential buyers. Mireles says some of HSL Properties’ competition has included private buyers and REITs. “We also keep hearing about funds that are being created, and creative, in putting money to work,” he adds.

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