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NorthMarq Sells, Finances Tucson Value-Add MF for $19M
Rancho Del Mar Apartments, a 312-unit property located near Campbell Avenue and South of Drexel Road in Tucson, sold for $19.1 million. The buyer was RDM Tucson, LLC, an entity formed by Marina del Rey, CA-based Element Property Company, while the seller was Scottsdale-headquartered Atlantic Development & Investments.
NorthMarq’s Phoenix Investment Sales team, led by Trevor Koskovich, Jesse Hudson, and Bill Hahn, represented both buyer and seller in the deal. Financing for the acquisition included a $15,280,000 Freddie Mac loan, which was arranged by NorthMarq Capital’s James DuMars and Griffin Martin.
Hudson says, “Rancho Del Mar was a unique value-add opportunity due to the property’s Low Income Housing Tax Credit (LIHTC) restrictions. The entire property has rent restrictions in place, but with the extended use period expiring in 2022, the property will naturally start to convert to market rate, and additional value-enhancing improvements will push rents even further.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Sale/Acquisition

