This article has been archived, please login for access or subscribe now for a free trial.
Summit Raintree, an entity formed by privately-held Summit Equity Investors, Inc. of Los Angeles, CA (Joseph Rosen, President) purchased the 364-unit Raintree Apartments at 6450 E. Golf Links Road for[mepr-show rules="58038"]$9.25 million, or approximately $25,400 per unit. The seller was Raintree Associates, an affiliate of Thompson Michie Associates, Inc. of Salt Lake City, UT (Trenton Michie, partner).
The 143,299 sq. ft. gated community was built in 1983, and consists of 20 two-story buildings on 10 acres. The property was 89% occupied when it sold, with 40 vacant units.
The unit mix has studios, one- and two-bedroom units, with 66% one-bedrooms. Community amenities include: disability access, pet friendly without weight restrictions, short term rentals available, basketball courts, clubhouse, emergency maintenance, fitness center, free gym passes, gated access, courtesy night patrol, high speed internet, laundry facility, public transportation, heated swimming pool, whirlpool/spa, volleyball court, racquetball court, gazebo, lush landscaping, gas grills, carports, free DVD library, jogging track and picnic area, and a resident referral program. Apartment amenities include: oversized closets, dishwasher, air conditioning, view, vaulted ceilings/skylights, and expanded basic cable.
The transaction was negotiated by Art Wadlund of the newly renamed Hendricks-Berkadia in Tucson, its first Tucson transaction since the merger between Hendricks & Partners and Berkadia Commercial Mortgage, LLC. Berkadia financed the sale for Summit Equity Investments.
Berkadia Commercial Mortgage, LLC a joint venture between Berkshire Hathaway and Leucadia National Corporation, is a master and primary servicer managing a portfolio of more than $200 billion at year-end 2012. As a correspondent for insurance companies and other institutional lenders and a leading approved lender for Fannie Mae, Freddie Mac and HUD/FHA, Berkadia offers clients access to capital for the acquisition, construction, rehabilitation or refinance of multifamily and commercial properties.
For more details, contact Art Wadlund of Hendricks-Berkadia at (520) 299-7200. Trenton Michie can be reached at (801) 532-6143. Joseph Rosen of Summit Equity is at (310) 477-5300 and the Raintree Apartments leasing office is at (520) 441-7750.
[/mepr-show]