Joseph Bernard Investment Real Estate Handles Two Multifamily Properties in Tucson

Joseph Bernard Investment
Real   Estate Handles Two
Multifamily Properties in
Tucson
                             TUCSON, ARIZONA — Eastpointe
                             Apartments at 8477 E Broadway
                             Blvd, Tucson, AZ 85710 sold for
                             $2.76 million ($56,224 per unit)
                             to ZFI LLC, Tucson East LLC, KMS
                             Properties LLC, and Caneel
                             Investments AZ, LLC.

The property consists of 48 one-bedroom units and one two-
bedroom unit. Built in 1981 on a 29,000-square-foot lot at
Broadway and Sarnoff in Eastside Tucson submarket.

The transaction closed April 30, 2020.

Bradshaw Apartments, the seller, was self-represented and Joe
Boyle with Joseph Bernard Investment Real Estate represented
the investors.

For more information, Boyle can be contacted at 480.305.5600.

Villa Del Rey Apartments, at
4302 E Fairmount St., Tucson, AZ
85712 sold on May 1, 2020 for
$1.955 million ($81,458 per
unit) to the Olson Family Trust
and Holsinger Family Trust.

The 24-unit property consists of 18 two-bedroom units and 6-

three-bedroom units, built in 1979, on a 25,860-square-foot
lot.   All units are also individually parceled for future
condo conversion.

The seller, ML Investments, LLC and the investors were
represented by Jospeh Chaplik of Joseph Bernard Investment
Real Estate.

To learn more, Chaplik can be reached at 480.305.5600.

Cantera Real Estate Closes on
Two Land Deals in Marana and
Tucson
                              TUCSON, ARIZONA — Thrac Paulette
                              of Cantera Real Estate, a firm
                              specialized in all aspects of
                              land    acquisition,     sales,
                              development and entitlements,
                              handled two recent transactions.

Paulette represented the sellers,      Mark & Diane Anderson on
11.25 acres in the highly sought       after area in Northwest
Tucson at Twin Peaks Road and I-10.    The property is four GR-1
zoned parcels that sold for $210,000   ($18,667 per acre).

The all-cash deal closed in 20 days April 23rd.

The land is currently located in unincorporated Pima County
with the potential of being annexed into the Town of Marana
with the possibility to rezone for 22 SFR lots, or keep in the

County for up to 12-lots, with all utilities 9except sewer)
located on Twin Peaks Road.

The buyer, Jeff Utsch, is a licensed real estate agent with
Realty Executives Arizona Territory.

For more information, Utsch can be reached at 520.977.7946 and
Paulette should be contacted at 520.904.5055.

To learn more, see RED Comp #7754.

In a separate transaction,
Paulette    represented     an
affiliate of Cornerstone Homes
(John Agressi, manager) in the
acquisition of a 36,840-square-
foot infill lot at 3139 E
Bellevue Street in Tucson. The
property was being used as a mobile home lot with two mobile
homes and a duplex that will be move and razed for
redevelopment. Property sold for land value at $357,000 ($9.69
PSF).

Zoned R-3, the buyer intends to redevelop the lot for a
multifamily infill project.

Mikey   Girard   with   Long   Realty   represented   the   seller,
Crestdale Townhomes, LLC of Tucson.

For more information, Girard can be found at 520.77.7400 and
Paulette should be reached at 520.904.5055.

To learn more, see RED Comp #7703.

Class A Assets in Top MSAs
Still Top Target for Self
Storage Investors
                             PHOENIX,    Ariz.–   Cushman    &
                             Wakefield announced today it has
                             completed the sale of Garfield
                             Storage located in central
                             Phoenix. Situated in the core,
                             Downtown Phoenix area, Garfield
                             Storage was developed in 2017
and totals 83,710-rentable-square-feet of Class A,
institutional quality, storage space. The store is located at
the interchange of Interstate 10 and 16th Street and offers
visibility to over 300,000 cars per day.

The buyer was the William Warren Group, a Santa Monica-based
self storage owner/operator who will operate the project under
its brand name StorQuest Self Storage. Greg Wells and Paul
Boyle with Cushman & Wakefield’s Self Storage Advisory Group
handled the transaction on behalf of the seller, an affiliate
of Hibernia Capital Advisors, a private real estate and
development firm based in Phoenix.

Mark McLoone of Hibernia Capital says “We are still positive
on the storage industry, it simply felt to be the right time
to sell our project in downtown Phoenix. While there are parts
of the Valley that may experience some supply issues, we will
continue to explore opportunities because we believe in the
strength and longevity of the Phoenix market.”

“Even in uncertain economic conditions, Class A, well-located
self storage assets in top MSAs are in high demand,” said Greg
Wells. “This transaction is an example of the strength of the
asset class and its compelling long-term cash flow

opportunities and value creation.”

“We are extremely pleased to complete this transaction given
the added challenges present from the COVID-19 pandemic. The
ability to execute today is a great accomplishment by all
parties involved,” said Bill Hobin, CEO of William Warren
Group. “The central Phoenix location of this asset fits in
nicely with the broader StorQuest Self Storage portfolio and
with its freeway visibility adds brand value to all of the
other StorQuest locations in the Phoenix MSA.”

The Cushman & Wakefield Self Storage Advisory Group is a full
service real estate platform dedicated to the self storage
asset class. The group offers investment advisory, valuation,
consulting, feasibility and data services in all major markets
in the U.S. store features dual entry on the ground floor, as
well as two levels of subterranean parking.