Sperry Van Nees negotiates sale of 238 unit apartment complex in Tucson, AZ

Phoenix, AZ – April 4, 2012 – (RealEstateRama) — Sperry Van Ness, LLC facilitated the sale of Bear Canyon Apartments, located at 9055 E. Catalina Hwy in Tucson, Arizona. The Class A luxury apartments sold at 5.87% Cap Rate on in place numbers, highest cost per unit in recent years on March 21, 2012. The 238-unit property consists of 19 buildings built in 1996 and situated on approximately 13.5 acres with Santa Catalina Mountain Views. The Seller was Arbor Realty Trust, Inc., and the Buyer was HSL Properties, Inc.