PHOENIX—CBRE has completed the sale of theTanque Verde apartment complex, 428-unit multifamily communitylocated at 7671 E. Tanque Verde Rd. in Tucson. The multifamilyasset sold for $21.3 million. The property was 94% leased at timeof sale.

Michael Sandahl and WyattCampbell with CBRE's Tucson office, along withTyler Anderson, Sean Cunningham,Asher Gunter and Matt Pesch withCBRE's Phoenix office, represented the seller, HolualoaCompanies of Tucson. The buyer was North Salt Lake-basedChartwell Capital Partners, LLC.

“Tanque Verde has recently undergone significant capitalimprovements worth more than $5 million, including a completere-roofing, master heating and cooling system replacements, andsolar systems and water conversation measures designed to make theproperty as energy efficient as possible,” says CBRE's Sandahl.“What's more, a portion of the units have been upgraded withpremium finishes. The property offers an exceptional value-addopportunity to increase revenue by continuing the existing andproven interior upgrade program.”