January 11, 2020
The Bascom Group and funds managed by Oaktree Capital Management LP sold two Tucson multifamily properties, totaling 486 units, to different investors. The properties ended up trading for $87.5 million. Tyler Anderson, Asher Gunter and Jeff Casper with CBRE represented the seller.
The 290-unit Silverbell Springs at 7759 N. Silverbell Rd. in the Tucson suburb of Marana, AZ, sold to an investor client of the ConAM Group. The property offers two resort-style pools and spas, as well as a business center, game room, fitness center and covered children’s playground.
A private investor acquired the 196-unit Springs at Continental Ranch at 7901 N. Cortaro Rd. in Tucson’s northwest submarket. The property offers a pool and spa, cabana, café, business center, fitness center and covered children’s playground.
“Strong multifamily fundamentals in Tucson continue to attract investors to the market,” Casper said. “The region’s expanding employment base and affordable quality of life are creating robust demand for multifamily housing.”
Pictured: Silverbell Springs, Marana, AZ
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