ORO VALLEY, AZ-Relying on its reputation and familiarity with abroker, HSL Properties managed to beat outcompetition to acquire the 330-unit Sundown Valley Apartments fromJIK Properties. The Tucson-based buyer paid $18.5million for the class B multifamily property,which was built in two phases between 1984 and 1994.

"It was our understanding that, in discussing this deal with ourcounterparts, that they were disappointed not to win it," saysOmar Mireles, HSL Properties' executive vicepresident, commenting on the acquisition of the property at 8215 N.Oracle Rd. He tells GlobeSt.com that puttingforward HSL's record in buying and owning properties in the Tucsonarea helped give it the edge. Also, having done deals with theseller's broker, Art Wadlund withHendricks & Partners, was also a great help."Art knows us well; we've done a lot of deals with him during thepast 15 years," Mireles comments. "He understands that, when wemake an offer, we deliver as promised on the terms, and we hopethat speaks for itself."

The multifamily asset itself is somewhat different from HSL'stypical acquisitions, as it's somewhat older. However, Mireles saysit's very well-located and there was a good opportunity to improveoperations. HSL also plans to invest $2 million to upgrade theproperty by adding new windows, balconies and roofing, as well asproviding an exterior face lift. "We'll also address theamenities, such as the gym and pool and upgrade some of theinteriors as we go through it," Mireles says.