Saddle Ridge

450 West Cool Drive | Oro Valley, AZ 85704

Units
248

Avg SF
±677

Built
1985

Opportunity Highlights

  • Proven value-add strategy​ with tremendous upside as only 39 (16%) of the units have been renovated. Rents on renovated units are $70 (studio) to $174 (2X2) higher than non-renovated units.
  • Clear path to rent growth on renewals​ with existing leases - 12% Loss to Lease.
  • Increasing operating performance trends​ as May ’21 T-12 Rental Income has grown by a factor of 12% over the Dec '20 T-12 benchmark period.
  • Bullish rent growth projections performance​ where YOY submarket effective rent growth was +9.7%, and where submarket rent growth is forecasted to be 10%+ through 2021.
  • Affluent location​ with Average Home Price $545K & Average Household Income $93k-both within 3 miles.
  • Lack of new supply with extremely limited ongoing or planned new construction nearby.

The Property

Summary

Units

248

Built

1985

Avg. SF

±677

Buildings

18

Stories

2

Acreage

±9.00

Density

±27.55

Total SF

±168,000

Metering

Individual

Community Amenities

  • Two Swimming Pools (One is Heated)
  • Two Spas
  • Fitness Center
  • Business Center with Copy and Fax Services
  • Two Barbeque Areas with Two Gas Grills Each
  • Laundry Facilities

Unit Amenities

  • Air Conditioning
  • Separate Dining Area*
  • Walk-In Closets*
  • Ceiling Fans
  • Private Balcony or Patio*
  • Cable & High-Speed Internet Available
  • Faux-Wood Floors*
  • Vertical Blinds*
  • All-Electric Kitchens:
    - Dishwasher
    - Frost-Free Refrigerator
    - Disposal

*Select Units

Contact Us

Tucson, AZ

2 East Congress Street, Suite 1050
Tucson, AZ 85701
520.529.9206
www.tucson.berkadiarea.com

BErkadia Team

Investment Advisors

Financing

Clint Wadlund

Senior Director
520.615.1100
clint.wadlund@berkadia.com

Art Wadlund

Senior Managing Director
520.299.7200
art.wadlund@berkadia.com

FInancing

Tucker Knight

Senior Managing Director
713.469.4515
tucker.knight@berkadia.com

Johnny King

Director
713.469.4502
johnny.king@berkadia.com

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. ​

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