December 14, 2011—Bank sells Briarwood Apartments, PICOR brokers sale

INSIDE TUCSON BUSINESS
December 14, 2011

A group of investors based in Chicago and Jacksonville, Fla. have purchased the distressed Briarwood Apartments out of foreclosure. For $6 million, College Town Tucson LLC acquired the 196-unit complex at 1300 E. Ft. Lowell from the trustee, Wells Fargo Bank NA.

The apartments have been renamed College Town to capitalize on their proximity to a main bike path to the University of Arizona. The complex features a pool, tennis courts and fitness center.

The seller was represented by Art Wadlund with Hendricks & Partners. The buyer was represented by Bob Kaplan and Allan Mendelsberg, PICOR Commercial Real Estate Services.