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Republic Funds USA Flips Two Apt. Complexes in Sierra Vista

Private Investor Pays $8.9M for Sierra Bella, Casa De La Sierra
February 28, 2018
Republic Funds USA, a real estate investment firm with more than $100 million of assets under management, sold two apartment complexes totaling 440 units in Sierra Vista, AZ to a private investor for $8.9 million, or approximately $20,000 per unit.

Both Sierra Bella Apts., at 1525-1555 E. Busby Dr., and Casa De La Sierra, at 500 S. Coronado Dr., comprise studio, one- and two-bedroom units in 11, two-story buildings. The complexes delivered in 1983 and were 75 percent occupied at the time of sale.

Jonathan Bench of Marcus & Millichap represented the buyer. Hamid Panahi and James Crawley, also with Marcus & Millichap, represented the seller, which paid $3.9 million for the apartment complexes in February 2015, according to CoStar’s data.

The buyer retained Shelton-Cook to manage the garden-style complexes.

Please refer to CoStar COMPS #4120884 for more information on this transaction.
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