A Newport Beach investor, Zona Rio Investments, LLC bought the 210-unit Zona Rio Apartments at 1001 West Saint Mary’s in Tucson for $9.74 million ($46,381 per unit).
Built in 1983, Zona Rio Apartments is a gated community at Saint Mary’s just west of I-10 on the western border of Tucson's Central Business District. The property has nine, three-story, garden-style buildings totaling approximately 131,846 rentable square feet on approximately 5.49 acres (38.24 units per acre). The property features one- and two-bedroom units in five individual floor plans averaging approximately 628-square-feet.
Unit amenities include air conditioning, dishwashers, disposals, frost-free refrigerators, private balconies or patios, and all units are cable-ready. Select units include ceiling fans,walk-in closets, and outside storage. Additionally there are 45 partially-upgraded units.
Community amenities include a resort-style swimming pool and spa, volleyball court, clubhouse with a kitchen and theater room, 24-hour laundry facility, barbecue area, an X-Fit fitness area and program, and a trail for hiking, biking, and jogging via the adjacent Santa Cruz River Park Trail.
The property is located close to everything downtown, such as the Art District, shopping, City, State, and Pima County offices, as well as the University of Arizona.
Art and Clint Wadlund of Berkadia in Tucson represented the seller, CAA Investments III, LP an affiliate of CSA Management III of Austin, TX.
To learn more the Wadlunds should be reached at 520.529.9206
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[mepr-show rules="58038"]Sale date: 9/17/2014. Down Payment: $2,443,384. with an assumption loan and new loan.
* Unit Mix Information:
One Bed, One Bath (24) - $561 per month, 534 SF
One Bed, One Bath (30) - $554 per month, 536 SF
One Bed, One Bath (59) - $559 per month, 600 SF
One Bed, One Bath (67) - $566 per month, 650 SF
Two Bed, One Bath (30) - $691 per month, 800 SF
Debt & Equity Information
Proforma
Scheduled Gross Income: $1,460,604
Effective Gross Income: $1,470,890
Operating Expenses: $783,309
Net Operating Income: $687,581[/mepr-show]