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10/04/18
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Mission Creek Apartments, a 200-unit, garden-style multifamily property in Tucson, AZ, sold for $12 mil, or $60k/unit. Built in 1987, Mission Creek Apartments is located at 1451 West Ajo Way, just west of I-19 at the confluence with I-10.
The buyer, Los Angeles-based AndMark Investment Fund IV, obtained $9.275 mil in Freddie Mac acquisition financing, arranged by Aaron Abelson with Berkadia. The 10-year loan features a 4.71% interest rate and a 30-year amortization schedule, with three years of interest-only payments and a 78% loan-to-value ratio.
Berkadia’s Art Wadlund, John Laratta and Clint Wadlund represented the seller in the transaction.
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