SB Pacific Group Spins Off Tucson Multifamily Asset
The California-based private equity real estate investment firm bought the property in 2017 for $14.5 million and just sold it for $53.9 million. MF Asset Management acquired The Peaks at Redington, a 301-unit apartment rental property on 10 acres in far-east Tucson.
The 1980-era complex comprises 13 buildings with one and two bedroom floor-plans ranging in size from 616 to 721 square feet. Common-area amenities include tennis and basketball courts, two spa centers, and a pool.
Institutional Property Advisors (IPA) represented SB Pacific Group and also found the buyer. IPA arranged another high-profile sale in Tucson last month when Bridge Investment Group paid a Tucson-record $178 million to acquire the 826-unit Hilands.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.