Alpha Wave Investors, a private equity investment firm specializing in opportunistic and value-add multifamily and hospitality assets in the Western U.S., has announced the sale of Sycamore Cove, a 67-unit apartment property in the Oak Flower neighborhood. The firm, which acquired the asset in December of 2016, conducted an extensive renovation and repositioning program that increased property value by 80 percent during its one year of ownership.
During its ownership, Alpha Wave upgraded the property’s exterior and interior with new paint and fixtures, repaired the asset’s roof, parking and balconies, resurfaced and replaced the pool and deck, upgraded landscaping and added in-demand amenities such as a new pet park and fully renovated laundry room. Alpha Wave acquired the property at 50 percent occupancy and brought it to nearly 100 percent occupancy prior to the sale. Built in 1979, the apartment community offers one-bedroom apartments featuring balconies, air conditioning, walk-in closets, and upgraded kitchen appliances, as well as a swimming pool, picnic area and pet park. The property is located at 2458 N. Sycamore Blvd. in Tucson, Arizona.
Alon Shnitzer, Jon Ibrahim and Ryan Kippes with ABI Multifamily, an apartment brokerage firm, represented the seller, Alpha Wave Investors, and the buyer, a California based family partnership.
Sales and Leases
Virtual Games Network LLC leased 2400 square feet located at 6061 E. Broadway Blvd., in the Broadway Place Shopping Center. Christopher Mckee of Goldsmith Real Estate represented the tenant and landlord. Goldsmith Real Estate handled the transaction.
DHL Express, Inc leased 23,462 square feet of industrial space located at 6855 Lisa Frank Ave., in the Tucson Airport Distribution Center, from Harsch Investment Properties, LLC. Steven Cohen of PICOR | Cushman Wakefield represented the tenant. Bill Di Vito and Jesse Blum of CBRE represented the landlord.
National Community Health Partners leased 3,127 square feet of office space located at 529 W. Wetmore Road from Ross Capital LLC. Jeff Casper of CBRE represented the landlord.
Heights Properties, LLP purchased 16,095 square feet of land at the northeast corner of Speedway and Silverbell to for a new Brakemasters location from LDR-Silverbell, L.L.C. for $200,000. Debbie Heslop, CCIM, of Volk Company represented the landlord. Jim Egan of Prime Commercial Real Estate represented the buyer.
RISE Services, Inc. leased 2,963 square feet located at 1609 N. Wilmot Road, Ste. 106C. Andrew Sternberg with NAI Horizon handled the transaction.
Fitness at Irvington, LLC leased 25,000 square feet at The Landing, on the northwest corner of East Irvington Road and Interstate 19. Ben Craney with NAI Horizon represented the tenant. Brigham Stevens of Bourn Companies represented the landlord.
Arizona Youth Partnership leased 4,250 square feet of office space located at 7575 W. Twin Peaks Road from CJR Investments, LLC. Jeff Casper of CBRE represented the tenant. Gary Heinfeld of Advisors in Real Estate, Inc. represented the landlord.
Strongpoint, LLC leased 2,932 square feet of office space located at 4400 E. Broadway Blvd. from 4400 Broadway, LLC. Bruce Suppes of CBRE represented the tenant. Michael Gross of Tucson Realty & Trust Co. represented the landlord.
OCREX, LTD leased 2,878 square feet of office space located at 177 N. Church Ave. in the Transamerica Building from TA Building Corp. Buzz Isaacson and Alex Hardie of CBRE represented the landlord.
Next Step Counseling leased 2,087 square feet of office space located at 2302 E. Speedway Blvd., in the University Professional Center, from Pelican Management Company. Jeff Casper of CBRE handled the transaction.
Palmilla MP, LLC and Palmilla BCL, LLC purchased Vista Palmilla Apartments, a 57 unit complex located at 3828 E. Fort Lowell Road and Libertade Apartments, a 20 unit complex located at 3838 E. Presidio St. from Riderjak Properties, LP and Seajak Properties, LP for $2,725,000. Allan Mendelsberg and Daniel Leibsohn with Cushman & Wakefield | PICOR handled the transaction.
James and Sari Brody purchased Palo Verde View Apartments, a 24 unit complex located at 2438 N. Palo Verde Ave. from 2438 N. Palo Verde Avenue, LLC for $846,000. Allan Mendelsberg and Daniel Leibsohn with Cushman & Wakefield | PICOR handled the transaction.
Tin Cup Properties, LLC purchased a 7,528 square foot retail building located at 1700 S. Sixth Ave. from Mennonite Trust, Ltd. for $180,000. Ron Zimmerman with Cushman & Wakefield | PICOR handled the transaction.
Exodus Real Estate, LLC purchased 1.26 acres at 2190 E. Benson Highway from Ashland Group-Millennium, LLC for $95,900. Rob Glaser, SIOR with Cushman & Wakefield | PICOR represented the seller. Stephen D. Cohen and Russell W. Hall, SIOR, GSCS with Cushman & Wakefield | PICOR represented the buyer.
Founders Health Care, Inc. dba: Preferred Home Care renewed its lease for 17,260 square feet located at 2155 N. Forbes Blvd., Ste. 104 and 107, in the Broadbent Industrial Center, from Forbes Tucson, LLC. Rob Glaser, SIOR, CCIM with Cushman & Wakefield | PICOR represented the landlord. Jesse Blum with CBRE represented the tenant.
T&T Cleaning & Restoration, LLC leased 14,278 square feet located at 420 E. Columbia St. from Plastic and Metal Parts, Inc. Paul Hooker with Cushman & Wakefield | PICOR represented the landlord.
LISCO leased 10,000 square feet of industrial space located at 845 E. Ohio St., Ste. 107 from 845 E. Ohio, LLC. Brandon Rodgers, CCIM; Stephen D. Cohen and Russell W. Hall, SIOR, GSCS and Kelly Fickle with Cushman & Wakefield | PICOR handled the transaction.
KS Mission, LLC leased 8,457 square feet located at 109 W. Ventura St. from Robert & Lynn Robley. Paul Hooker with Cushman & Wakefield | PICOR represented the landlord.
Old Pueblo Social Society dba: Hush Social Club leased approximately 1,482 square feet of retail space located at 1112 S. Wilmot Road from Roath Properties, LLC. Frank Arrotta of Tucson Realty & Trust Co. handled the transaction.
Heather and Justin Ward dba: 5th Ward Company, LLC leased approximately 2,921 square feet of retail space located at 1120 S. Wilmot Road from Roath Properties, LLC. The Tenants will be opening a new bar in the near future called the Monkey Bar. Frank Arrotta of Tucson Realty & Trust Co. handled the transaction.
Stevens Equipment Supply, LLC leased 6,000 square feet located at 750 E. Ohio St., Ste. 2 from Ohio Street Building No. 2 Ltd., LLLP. Rob Glaser, SIOR, CCIM with Cushman & Wakefield | PICOR represented the landlord. Josh Wyss and Tony DelDotto with Cushman and Wakefield Phoenix represented the tenant.