TUCSON, Arizona — Berkadia completed the recent sale of The Enclave at the Foothills, a 300-unit multifamily property in Tucson, Arizona. Representing the seller, Senior Managing Director Art Wadlund and Associate Director Clint Wadlund of the Tucson office completed the $21.8 million sale ($72,666 per unit).

The deal closed on February 1 and represents the highest sale price and unit price this year for multifamily transactions in the metro Tucson market. This high sale is followed by the Peaks at Redington that was also handled by the Wadlunds at Berkadia.

Both located in Arizona, the seller was Scottsdale-based PEM Investments, and the buyer was HSL Properties, Inc. in Tucson.

“HSL was former owner of The Enclave, and is the current owner of the adjacent property, Catalina Canyon. This familiarity with the asset and location was a large factor in the buyer’s decision to purchase,” said Arthur Wadlund.

Built in 1986, The Enclave at the Foothills is located at 7300 N. Mona Lisa Road, affording convenient access to West Ina Road and North La Cholla Boulevard. The one-, two- and three-bedroom floor plans feature a full-size washer and dryer in units. Select units also include a fireplace and walk-in closets. Residents can enjoy community amenities, such as two swimming pools, a fitness center, a clubhouse, a spa and tennis courts. Top employers in the area include the Foothills Mall, Omni Tucson National Resort, Northwest Medical Center and Afni.

Contact Art Wadlund at 520.299.7200 and Clint Wadlund at 520.615.1100 for more information.

To learn more, see RED Comp #4519.

TUCSON, Arizona – Dallas-based Copart, Inc. (NASDAQ: CPRT) acquired the 6,200-square-foot building and 4.6-acre salvage vehicle sales facility at 5600 South Arcadia Avenue in Tucson, Arizona for $2.8 million where they have leased for several years from DP Auto Salvage of Tucson (David Parri, CEO).

Copart, founded in 1982, provides vehicle suppliers, primarily insurance companies, with a full range of services to process and sell salvage vehicles, principally to licensed dismantlers, rebuilders and used vehicle dealers, through Internet sales utilizing its proprietary VB2 technology.  Salvage vehicles are either damaged vehicles deemed a total loss for insurance or business purposes or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made.  The Company operates 150 facilities in the United States and Canada.  It also provides services in other locations through its national network of independent salvage vehicle processors.

Copart Tucson’s online vehicle auctions include lots that can be used by dismantlers, dealers, body shops, individual buyers looking for project cars and more. The public is also welcome to visit the Tucson location to examine the large variety of vehicles available for auction. The company also offers inspection services to make sure buyers have thoroughly covered off on exactly what has been purchased in the vehicle auction.

Copart Tucson is not limited strictly to auto sales either, it offers a wide selection of vehicles. Here you’ll find boats, RVs, ATVs, municipal vehicles, tractor trailers, industrial vehicles, motorcycles and other vehicle types.

Check out the auction list regularly to see the inventory Copart Tucson has available, including popular vehicle types of pick-up trucks, cars and SUVs with makes including Honda, Toyota, Mazda, Chevrolet, Dodge, Ford, GMC, Hyundai, Nissan and Lexus.

Registered Members even have the ability add vehicles to their Watchlist as a convenient way to keep an eye on those sought-after vehicles. Be sure to check in regularly to keep track of special inventory, including hail-damaged vehicles, exotics, flood-damaged and more at Copart auctions at the Tucson location.

Looking to find out more about Copart? Learn how to buy a vehicle here at their patented online vehicle auction of contact Copart in Tucson at 520.663.1900.

To learn more see RED Comp #4457.

TUCSON, Arizona — An affiliate of Equilibrium Fund II purchased Cordova Village Apartments for $8 million ($25,157 per unit), a community located at 2020 S Columbus in the eastern submarket of Tucson, Arizona.  The 147,000-square-foot complex in 18 buildings has 318-units on 9-acres and was built in two phases 1977 and 1982.

The private-equity real estate firm specializes in value-add multifamily investments.

Equilibrium is run by a team of experienced real estate investment professionals led by Managing General Partner, Sofonias Astatke. Focused on the rehabilitation of distressed and mismanaged properties, by acquiring value-add multifamily properties, the investor is able to capitalize on the economic growth of the region while creating revenue. Properties are renovated and/or repositioned and stabilized for re-sale or significant cash flow. Equilibrium Fund I operates in the Washington, DC area and targets underperforming residential complexes in transitional neighborhoods. Fund II targets underperforming apartment complexes located in the Arizona metropolitan areas of Phoenix and Tucson with a low-risk, high return buy and hold strategy that uses little to no leverage.

Hamid Panahi, Steve Gebing and Cliff David of Marcus & Millichap Phoenix handled the transaction for investor and seller, Monson Properties AZ of Sacramento, CA (Phil Monson, manager) that bought the property in 2015 for $19,000 per unit.

“Cordova Village sold at a cost per unit basis,” Panahi said, “as a value-add sale.” The unit mix is 33 percent studios and 65 percent one-bedroom units, with the remaining two-bedroom units. Property amenities include two pools, a Jacuzzi, playground, basketball court, sand volleyball, and a fitness center. Additionally, there are several barbeque grills, two ramadas for family get-togethers, and two large laundry facilities conveniently accessible to bus services.

For more information, Panahi, Gebing and David can be contacted at 602.687.6700.

To learn more, see RED Comp #4518.