IS News & Transactions

Berkadia Completes Sale of Arizona Multifamily Property

1/23/2017

Berkadia today announced the recent sale of Peaks at Redington, a multifamily property in Tucson, Arizona. Senior Managing Art Wadlund and Associate Director Clint Wadlund completed the $14.5 million sale, which closed on January 19.

Berkadia represented the seller, PEM Investments, based in Scottsdale, Arizona. The buyer was SB Pacific Group of Berkeley, California. 

“Peaks at Redington marks the buyer’s third acquisition in the Tucson market in the last two years,” Art Wadlund said. “This buyer has enjoyed success in the Tucson market, and this property was a natural addition to their portfolio, being less than one mile from other properties they’ve purchased.” 

The property was built in 1980 and the 301 units feature one- and two-bedroom floor plans. Apartment amenities include air conditioning, ceiling fans, frost-free refrigerators and walk-in closets. Select units have fireplaces. Residents also enjoy community features such as a clubhouse with a kitchen, a fitness center, a swimming pool, a spa, a tennis court, a basketball court 
and laundry facilities. 

Located at 7700 E. Speedway Blvd., Peaks at Redington is a short distance from top area employers including GEICO, Park Place Mall and Tucson Medical Center.