TUCSON, Ariz. – August 7, 2017 – Berkadia today announced the recent $37.6 million sale of Mission Palms, a garden-style multifamily property located in Tucson, Arizona. Senior Managing Director Art Wadlund and Associate Director Clint Wadlund of the Tucson office represented both the buyer, ROC Senior Living, and the seller, Stoneweg US LLC. The deal closed on July 31.
“We’ve seen strong apartment demand across the Tucson market all year,” Art Wadlund said. “Mission Palms was a great investment opportunity due to the quality of the property and the various amenities that attract a strong renter community.”
Located at 951 Orange Grove Road, the 360-unit property features one- and two-bedroom floor plans. Apartments come ready with dishwashers, air conditioners, refrigerators, carpeting, garbage disposals, extra storage, private patios and washer and dryer units. Residents enjoy amenities such as a business center, barbeque and picnic area, courtyard, fitness center, monthly resident events, on-site maintenance, playground, putting course, renovated clubhouse, two swimming pools, soccer field, spa and fire pit. Mission Palms also provides quick accessability to the nearby Catalina Foothills and downtown Tucson.