Greenwater Expands Tucson Portfolio with $ 66 Million Purchase
Yardz on Kolb, a 410-unit asset in Tucson, Arizona, has changed ownership. Monarch Investment and Management Group, represented by institutional property advisers Marcus & Millichap, sold the property for $ 65.5 million, or $ 159,756 per unit. Greenwater Real Estate Management acquired the asset.
This is not Greenwater’s first foray into the Tucson market. The company owns more than 1,000 units in the region, according to data from Yardi Matrix.
Built in two phases, completed in 1972 and 1974 on 17 acres, the garden-style property of 45 buildings consists of studios, one, two and three bedroom apartments. Common areas include a fitness center, clubhouse, basketball court, three swimming pools, and a spa.
Located at 1345 S. Kolb Road, the community is within walking distance of several shops and restaurants within Palo Verde Plaza and Eastpoint Marketplace, among others.
Senior Vice President Hamid Panahi and Executive Managing Directors Steve Gebing and Cliff David of IPA represented the vendor. Greenwater will continue an ongoing interior renovation program, Panahi said in a statement.
The acquisition of Yardz on Kolb marks the final sale of IPA’s Tucson Five portfolio, which sold for a total of $ 204 million. The other four assets are Hampton Park, Lakeside Casitas, San Mateo and Solano Springs.