Mar 1, 2017 - president of Colliers International in Greater Phoenix. ... services company with more than 16,000 skilled
NEWS RELEASE For further information, please contact: Robin Vitols The Rodie Company Phone: 602-810-4120 Email:
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Four Apartment Communities Trade in Tucson Strength of Tucson Multifamily Market Attracts Investors to Modernize Properties
Tucson, March 1, 2017 – A portfolio of four multifamily communities in Tucson has been sold to a NY based Real Estate Firm, DASMEN Residential, LLC, signaling more strength for the area’s investment market. The properties, which were built between 1974 and 1980, provide the buyer great cash flow with an opportunity to renovate the properties as the Tucson market continues to trend upward. “Our goal is to bring these four apartment communities to the next level in terms of interior upgrades, as well as commons area improvements,” says Michael Katz, CEO of Dasmen Residential, LLC. “Historically, we purchase assets of similar vintage and upgrade them with high end finishes that rival any new construction deal such as Quartz Countertops and Stainless Steel Appliances. With numerous development projects in the works across the city, along with job growth showing very positive signs, DASMEN feels that Tucson is on the rise. We feel that its economy is growing at a very strong and healthy pace. With its hands-on management approach, DASMEN will look to offer the residents of all four communities impeccable service and to do our part in ensuring that Tucson continues to become a great and successful city.” “The timing for Tucson market is highly opportunistic for investors,” said Brad Cooke, senior vice president of Colliers International in Greater Phoenix. “It is experiencing strong job growth and looks to be headed toward even stronger economic performance in coming years. With new businesses and development projects, the job market is seeing a rise in the high-wage job sectors, nationally recognizable businesses bidding for entry to the market. Healthy population growth will continue to support tenant demand for apartment properties.” Cindy Cooke and Brad Cooke of Colliers International in Greater Phoenix handled the sale of the portfolio for Omninet Capital of Beverly Hills, CA. The four communities contain 1,166 apartment units totaling 571,928 square feet. Sedona Springs at 373 N. Wilmot Rd. was built in 1974 and contains 408 units. Sienna Ridge at 5353 E. 22nd St. was built in 1976 and contains 305 units. Summit Ridge at 1252 Craycroft Rd. was built in 1974 and contains 360 units. Verrano Park at 6850 E. Golf Links Rd. was built in 1980 and contains 93 units. The properties are all located on or near major thoroughfares in Tucson, providing access to major employment, Tucson International Airport, University of Arizona and Davis-Monthan Air Force Base. The properties averaged 95 percent occupancy at the time of the sale. -- End --
About Colliers International Group Inc. Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting. Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 11 consecutive years, more than any other real estate services firm. For the latest news from Colliers, visit Colliers.com or follow us on Twitter: @Colliers and LinkedIn. Colliers International in Greater Phoenix has served clients locally and globally for more than 35 years.
About DASMEN Residential - Buyer Dasmen Residential LLC is a privately held real estate investment firm that owns and operates multifamily properties in major cities throughout the United States. Dasmen makes opportunistic investments in growth markets and employ a range of strategies to create value and sustain long term asset appreciation. Dasmen seeks to continue exceeding its goals of providing outstanding risk adjusted returns to partners and providing the best possible living experience in its communities.
About Omninet Capital - Seller For any questions regarding the sale, please contact Michael Danielpour, a Partner at Omninet Capital at
[email protected].
