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TUCSON
,
AZ
-Ten
bidders vied for ownership, but it was a
Florida
investor who came out the winner in the competition to add the
330-unit
Sundown
Village
apartment complex to its real estate portfolio.
JI Kislak Inc. of
Miami
Lakes
put up nearly $16.7 million to win Denver-based Aimco's nod for 8215
N. Oracle Rd, a 1984 multifamily community
overlooking
Tucson's
Catalina
Mountains
.
"They were quite familiar with the area and decided to
purchase a second property in that community," CB Richard
Ellis Inc.'s Sean Cunningham tells GlobeSt.com of the Florida firm
that three years ago purchased Mission Palms, its first loacl
apartment holding.
Jack Hannum, also with CBRE's
Phoenix
office, tells GlobeSt.com that competition was stiff for
Sundown
Village.
"We had a lot of interest in that property," he says of
the property, which went on the market in April. "People just
came out of the woodwork."
Cunningham says interest was intense because of the
complex's 94% occupancy, steady collections and the availability
to place new financing on the mix of one- to three-bedroom units.
JI Kislak survived the first round of offers made to the seller,
Cunningham adds, only to come in with the highest bid during a
second round of negotiations.
The complex, located near
Magee
Road
,
features four swimming pools, a spa, indoor fireplaces, covered
parking and laundry facilities. The unit mix ranges from 638 sf to
1,209 sf and rents for an average of $612 per month.
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