Massachusetts Investor Buys into Tucson’s M-F Market
- Jun 12, 2015
Northeast meets Southwest – Aspen Square Management, a company headquartered in West Springfield, Mass., has just closed on a multifamily neighborhood in Tucson’s Casas Adobes submarket.
The Place at Tierra Rica at 3201 and 3225 West Ina Road was previously part of the MC Companies portfolio. Berkadia sold the property on behalf of the Scottsdale, Ariz.-based company. The transaction marks the buyer’s second acquisition in Tucson, following The Ledges at West Campus on West Speedway Boulevard. The new owner renamed the property Domain 3201 Apartment Homes.
Located near Interstate 10, Domain 3201 is less than 2 miles from the Foothills Mall and the Omni Tucson National Resort. Northwest Medical Center and Raytheon are also considered main employers in the area, with premises within easy reach from the community. The 288-unit property was built in 1988, and it offers various floor plan options with up to three bedrooms.
The property sold for $14.3 million or $49,479 per unit, around$69 per square foot. The Berkadia marketing team was led by Senior Managing Director Art Wadlund and Associate Clint Wadlund of the firm’s Tucson office.
Photo credits: Aspen Square Management