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Sol y Luna community sells for $203 million

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New York investor purchases luxury Tucson development

PHOENIX – Sol y Luna Apartments, a luxury student apartment community at 1031 N. Park Avenue and 1020 N. Tyndall Avenue in Tucson, sold to a New York Investor for $203,000,000.

“Sol y Luna comprises two luxury, high-rise towers and offers a unique advantage based on its premium location with walkability to the University of Arizona campus and downtown Tucson,” said Brad Cooke, executive vice president with Colliers in Arizona. “The asset could be positioned by new ownership as a co-living option for young professionals and graduate students. More than $1.8 million upside in rents is to be captured immediately through operations and light value-add enhancements, which was attractive to the buyer.”

Brad Cooke, Cindy Cooke, Matt Roach and Chris Roach of Colliers in Arizona handled the sale transaction. Vesper Holdings LLC of New York, NY purchased the community from Nelson Partners, LLC of San Clemente, CA.

“This sale is a true testament to our great management team’s tireless efforts through the very difficult years of COVID-19,” said Patrick Nelson, CEO of Nelson Partners, LLC. “We are grateful for their efforts, Brad Cooke and the Colliers team, as well as everyone involved.”

Sol y Luna, constructed in 2014, is comprised of two luxury high-rise towers, 13 and 15 stories tall. The property includes 340 total units containing 972 total beds, as well as 7,640 square feet of ground floor retail space. Sol y Luna offers a mix of studio, one-, two-, three-, four- and five-bedroom apartment homes averaging 1,014 square feet.

The property is recognized for offering unparalleled amenities, including two rooftop pools with mountain views, fitness centers and study spaces. Located adjacent to University of Arizona, Sol y Luna boasts a perfect 100 bike score since it is situated mere steps from undergraduate and graduate classes offered at the Tier 1, Top 50 public university.

About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 62 countries, our 17,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 27 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of 20% for shareholders. With annual revenues of $4.3 billion and $77 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.

 

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Cindy Cooke

Senior Executive Vice President

Phoenix

As a senior executive vice president with Colliers, Cindy Cooke leads the Cooke Multifamily Team—one of the top full-service multifamily investment teams in the nation. Team members are Brad Cooke, Chris Roach, Matt Roach, Teresa Lowery, Ron Cameron, Thomas Brophy, Eric Blair, Nicholas Solo, Alice Bean, Aimee DeYoung and Kellyanne Kennedy.

Cindy and her team work with sellers and qualified buyers across multiple markets, with a platform that allows them to effortlessly navigate across state lines. Multifamily asset types served include luxury, core, value add, high-rise, new development, student and workforce housing, and land.

With over 38 years of experience, Cindy’s multifamily expertise includes large portfolio sales, conventional and affordable assets, new development, construction, property assemblage, and debt/equity placements.

Her ability to maximize value, minimize risk and accelerate velocity for clients is the driving force behind all of Cindy’s decisions. She leverages her in-depth experience and long-term industry relationships to benefit the team’s institutional and large private capital clients and provides the market insights clients need to make strategic investment decisions.

Cindy is involved in every aspect of the transaction from start to finish and understands the importance of each step, from asset evaluation to marketing to buyer qualification and negotiations, due diligence, financing and closing. She delivers unmatched service through a hands-on, personal approach, with a primary focus on building valued client relationships.

The Cooke Multifamily Team serves and supports its clients with integrity, respect and kindness and is the advisor of choice for many of the world’s most innovative and successful companies. Our team consistently meets and exceeds client expectations and ensures each transaction is completed as smoothly as possible, with no detail unnoticed.

Cindy's experience at Colliers has provided her with national and international exposure. In addition to her multifamily brokerage business, she served as Interim Manager and Designated Broker for Colliers in Arizona in 2005. From global conferences in Shanghai to daily interactions with more than 150 Arizona brokers and staff, Cindy helped lead the Arizona to become one of the top Colliers markets worldwide.

Cindy started her brokerage career in multifamily, emphasizing development, property assemblage, zoning and construction. Early on, to accommodate the needs of her clients, she formed her own commercial real estate brokerage and mortgage broker firm and was the sole proprietor for 10 years. Cindy was also the partner of Blue Ridge Park Business Park, assembling, zoning and planning the largest business park in Raleigh, North Carolina.

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Brad Cooke

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Phoenix

As an executive vice president with Colliers, Brad Cooke is a senior member of the Cooke Multifamily Team, one of the top full-service multifamily investment teams in the nation, serving clients across multiple states and markets. Team members include Cindy Cooke, Chris Roach, Matt Roach, Teresa Lowery, Ron Cameron, Thomas Brophy, Eric Blair, Nicholas Solo, Alice Bean, Aimee DeYoung and Kellyanne Kennedy.

Multifamily asset types served by the team include luxury, core, value add, high-rise, new development, student and workforce housing, and land.

Working closely with clients, Brad helps determine and refine their objectives and guide them in successfully buying or selling a property or portfolio, while also growing their business. He provides critical market data and analysis to enable clients to quickly capitalize on emerging opportunities and realize optimal property value.

Brad has established lasting business relationships for the team with leading local, national and international companies through a dedicated and personal approach that ensures client expectations are not only met, but surpassed. He is involved at every stage of the transaction and oversees underwriting and due diligence to facilitate a smooth and timely closing process.

His ability to strategize, coupled with extensive industry knowledge, produces exceptional results for clients, as evidenced by the team’s 100% closing ratio and high degree of repeat business and referrals.

The Cooke Multifamily Team has established core values that set the team apart from the competition and are the foundation of every deal they do. The team provides exceptional value through product, process and, most importantly, relationships.

The team acts with integrity and is respectful, supportive and kind. They treat each deal as if it was their own investment and dive deep into the data to make sure clients make fully informed decisions. The team is constantly refining its craft to ensure they provide exceptional service at every turn of the deal. They work hard, are proactive, are intentional, and get the job done

In 2006, Brad joined Colliers as vice president with the Cooke Multifamily Team, finding his passion and focus in the multifamily sector. He has played a strategic part in making the team a national leader in multifamily investments.

Brad’s background includes serving as designated broker/owner of Interlock Realty, a residential real estate firm, and as the leasing agent for over 1 million square feet of industrial space. His real estate career began in 2002, as an office leasing agent, and has since been exposed to all areas and facets of the real estate industry.

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Matt Roach

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Matt Roach is a vice president with Colliers and member of the Cooke Multifamily Team—one of the top multifamily teams in the nation. The team includes Cindy Cooke, Brad Cooke, Chris Roach, Teresa Lowery, Ron Cameron, Thomas Brophy, Eric Blair, Nicholas Solo, Alice Bean, Aimee DeYoung and Kellyanne Kennedy.

The Cooke Multifamily Team focuses on institutional and private equity assets, ranging from core plus to workforce housing across the United States.

Matt's analytical nature and tenacity make him a valuable member of the team. He is well-versed in financial modeling, forecasting and strategic positioning of multifamily assets. He maintains a keen pulse on the market through macro and microeconomic drivers that can affect individual property activity.

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Prior to joining Colliers, Matt was a vice president of multifamily investment sales with ORION Investment Real Estate in Phoenix. His background also includes equity research, previously working at D.A. Davidson and MKM Partners, both middle-market investment banks, where he focused on providing industry-leading research, data and financial modeling for institutional clients, including Fortress, Citadel, BlackRock, T. Rowe Price and Fidelity.

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Chris Roach

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Chris Roach is a vice president with Colliers and member of the Cooke Multifamily Team—one of the top multifamily teams in the nation. The team includes Cindy Cooke, Brad Cooke, Matt Roach, Teresa Lowery, Ron Cameron, Thomas Brophy, Eric Blair, Nicholas Solo, Alice Bean, Aimee DeYoung and Kellyanne Kennedy.

The Cooke Multifamily Team focuses on institutional and private equity assets, ranging from core plus to workforce housing across the United States.

Chris has emerged as a proven leader within the multifamily market, with clients that include institutional, private equity and individual investors. His in-depth understanding of both investment sales and capital markets enables him to complete complex transactions, while ensuring a smooth process for all parties. His experience includes market rate and affordable housing, bulk condominium sales, mixed-use, new construction, land and complex value-add transactions.

Clients and colleagues find Chris to be diligent, persistent, knowledgeable, trustworthy and responsive. His proven track record of success within an ever-changing marketplace has allowed him to forge deep client relationships while continually achieving superior results.

Chris joined Colliers in 2018, with extensive experience in sales, marketing and entrepreneurship. His background in both business and sports gave him exceptional skills in sales, analysis and negotiations. Previously, Chris joined ORION Investment Real Estate in Phoenix in 2014, where he was a senior vice president of multifamily investment sales.

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