COLLIERS INTL. BROKERS 1,347-UNIT MULTIFAMILY PORTFOLIO SALE IN SO. ARIZONA

TUCSON, ARIZ. — Colliers International–Greater Phoenix has negotiated the sale of a five-property, 1,347-unit multifamily portfolio in Tucson to Gaines Investment Trust. Terms of the deal were not disclosed. Boasting an average occupancy of 90 percent, the Class B portfolio consists of Summit Ridge (360 units), La Hacienda (275 units), Pavilions at Pantano (314 units), Sienna Ridge (305 units) and Verrano Park (93 units). Colliers International’s Cindy Cooke, Brad Cooke, Carrie Burton and Nicholas Eggert represented the undisclosed seller in the all-cash transaction; the La Jolla, Calif.-based buyer was self-represented. Part of a 1031 exchange, it was the first Tucson multifamily acquisition for Gaines Investment Trust. This is the second multifamily portfolio that the Colliers team has sold in Tucson in the last 30 days.