{"id":1004079779,"date":"2013-07-05T14:29:05","date_gmt":"2013-07-05T22:29:05","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=145029"},"modified":"2025-02-25T23:35:04","modified_gmt":"2025-02-26T07:35:04","slug":"bridge-investment-affiliate-purchases-complex-for-26m-from-ji-kislak-entity","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bridge-investment-affiliate-purchases-complex-for-26m-from-ji-kislak-entity\/","title":{"rendered":"Bridge Investment Affiliate Purchases Complex for $26M from JI Kislak Entity"},"content":{"rendered":"

By Amalia Otet, Associate Editor<\/em><\/p>\n

An affiliate of Murray, Utah-based Bridge Investment Group Partners LLC has acquired a 360-unit apartment complex at 951 West Orange Grove in Tucson for $25.65 million. The seller, an affiliate of JI Kislak Inc. of Miami, had owned the property since 2000. The investor assumed an FHA loan and put $400,000 \"\"<\/a>down in the purchase, according to the Real <\/em><\/a>Estate Daily News<\/em><\/a>.<\/p>\n

Dubbed Mission Palms Apartments, the two-story 372,928 square-foot Class-B complex is located on a 28.7-acre lot and comprises 92 masonry buildings. Built in 1978, the community offers a mix of one- and two-bedroom units ranging in size from 754 sq. ft. to 1,309 sq. ft.<\/p>\n

Formerly known as Rancho Nezhone, the property is believed to have housed such celebrities as Liberace, singer and actress Kate Smith, Gen. John Pershing and William Boyd (aka Hopalong Cassidy).<\/p>\n

The deal marks the firm\u2019s third multifamily investment in the area. Bridge also owns through affiliates the Mirabella Apartments at 1345 S Kolb Road and San Marin Apartments at 5650 S Park Avenue in Tucson.<\/p>\n

Multi-housing activity has improved throughout the entire Tucson region. Unit absorption for the first quarter was\"\"<\/a> 334 units, according to research data from C&W | PICOR Commercial Real Estate<\/em>. Average vacancy at the end of Q113 for A properties was 7.7 percent while C properties finished at 13.0 percent. Submarkets dominated by C properties hovered above 10.0 percent vacancy with three submarkets above 10.0 percent vacancy (South Tucson\/Airport, Flowing Wells and Pantano\/Lakeside) while four submarkets (Oro Valley\/Catalina, Northwest Tucson, Northeast Tucson and University) were all below 7.3 percent vacant.<\/p>\n

Photo Credits: RentCafe<\/a>
\nChart courtesy of C&W | PICOR Commercial Real Estate<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In a $25.65 million deal, an affiliate of Murray, UT – based Bridge Investment Group Partners, LLC, has acquired a 360-unit apartment complex at 951 West Orange Grove in Tucson. The seller, an affiliate of JI Kislak, Inc. of Miami, FL, had owned the property since 2000.<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[1815,1613],"class_list":["post-1004079779","post","type-post","status-publish","format-standard","hentry","category-latest","tag-national","tag-tucson"],"acf":[],"yoast_head":"\nBridge Investment Affiliate Purchases Complex for $26M from JI Kislak Entity - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/bridge-investment-affiliate-purchases-complex-for-26m-from-ji-kislak-entity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bridge Investment Affiliate Purchases Complex for $26M from JI Kislak Entity\" \/>\n<meta property=\"og:description\" content=\"In a $25.65 million deal, an affiliate of Murray, UT - based Bridge Investment Group Partners, LLC, has acquired a 360-unit apartment complex at 951 West Orange Grove in Tucson. 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