Two North Central Tucson apartment complexes sold for a total of $7.76 million to out of state investors.
Investors from Washington State, Blacklidge Terrace Apartments – Tucson, LLC of Sammamish, WA (Marco Lizardi, manager) purchased the Blacklidge Terrace Apartments for $4.5 million ($21,635 per unit). The property was 91% occupied at time of sale.
Blacklidge Terrace located at 201 W Blacklidge Drive in North Central Tucson is just minutes south of the Tucson Mall and minutes north of vibrant and ever-improving downtown Tucson. Developed in 1983 by GH Development Company, the property consists of 208 units that deliver comfortable interior appointments through a selection of smart-sized studio, one-, two-, and three-bedroom apartment homes with a weighted average unit size of 531-square-feet. Apartment interiors feature kitchens equipped with a frost-free refrigerator and an electric range. Select units also include walk-in closets, linen closets, and ceiling fans.
Community amenities comprise of two swimming pools and two spas, outdoor spaces featuring picnic areas with barbecue grills, two children’s playgrounds, three basketball courts, and four laundry facilities.
Hamid Panahi with Marcus & Millichap of Tucson handled negotiations for the buyer and the seller, Woodbridge Apartments LLC & Twinbridge Apartments LP (Michael MacElhenny, manager) of Santa Barbara, CA.
To learn more Panahi can be reached at 602.687.6700 or 520.202.2900. See also RED Comp #2428 for additional information.
In a separate transaction, Woodland Village Apartments was sold to Tucson Equity Partners, LLC of San Diego, CA for $3.26 million ($23,286 per unit) on Auction.com. The new owner has since renamed the complex Juniper Canyon located at 3055 N Flowing Wells Rd in North Central Tucson. The property was 90% occupied at time of sale.
The 140-unit complex consists of 77% one-bedrooms and 23% two-bedroom units. Community amenities include a fitness center, club house, ramada area with BBQ grills, a sand volleyball court, swimming pool and spa, laundry facility with new machines, and an on-site rental office. Units features include garbage disposal, stainless steel kitchen sink, everyday electric appliances, air conditioning and ceiling fans.
The seller was Woodland Wells, LLC (Ebrahim Jebreel, manager) of Los Angeles, CA.
Login to see RED Comp #2394 for additional information.