Acquisition of 75-unit investment property brings growth to LevRose portfolio.
Scottsdale, Arizona (December 21, 2020) – Scottsdale-based brokerage LevRose Commercial Real Estate is expanding its service offerings to include multifamily investment sales, and announced the closing of its first multifamily deal.
Pueblo Springs Holdings LLC, an investment group based in Vancouver, Washington, bought the Pueblo Springs Apartments in Tucson for $4.2 million. LevRose associate Anna Sepic represented the buyer in that deal.
“As a husband-and-wife team, the new owners are aggressively growing their portfolio to amass 1,000 units within the next two years,” Sepic said in a statement. “They understood the true value add nature of the asset and were aggressive with their underwriting to get the deal done. This submarket of Tucson has shown fantastic returns and rent performance has been steady and strong.”
LevRose has specialized in leasing and sales for office, retail, industrial, medical and land since it started in 1992. The firm has a staff of about 25, according to Business Journal research.
“The acquisition of Pueblo Springs apartments furthers our commitment to provide complete, integrated real estate solutions throughout all aspects of the industry,” Mike Baumgardner, sales director of LevRose said in a statement.
In Scottsdale, LevRose also recently completed a lease deal with One American Bank, which took 23,000 square feet in the Forever Living Corporate Center, bringing the building to 100% occupancy.
The lease will allow the bank to consolidate its Valley footprint, after it had some executive offices in Scottsdale and another location in Tempe with a lease that was ending. The bank is moving into the building in phases, with the latest happening this month, Jason Reddington, senior adviser with LevRose said.
“For this deal, both sides were motivated to get the deal done,” he said. “The tenant really wanted to be in the area with growth opportunities.” Reddington said the Covid-19 pandemic has slowed leasing activity for transactions of that size, but said he has been very active for transactions that are smaller.
Source: Phoenix Business Journal