2014 Highest Multifamily Sale Price To-Date for Region
Scottsdale-based MC Companies (Ken McElroy, principal) a real estate investment, management, development and construction company added 319-units to its portfolio with the purchase of Rock Ridge Apartments at 10333 N Oracle Road in Oro Valley.
The property commanded a sale price of $30.4 million ($95,298 per unit). This is the highest sale price for a multifamily property in the Tucson region this year. The seller was FRI Rock Ridge, LLC of Tempe (Charles B Duff, president).
MC Companies has more than 6500 units total throughout Arizona, Nevada, Oklahoma, Oregon and Texas. Rock Ridge is the sixth property in MC Companies’ Tucson portfolio with a seventh in Sierra Vista.
The acquisition provided MC Companies with a solid investment opportunity primarily due to three things: an outstanding location; management improvement opportunities, and physical improvements that will result in higher rents.
The property consists of one-, two- and three-bedroom units and was 91% occupied at time of sale. The 226,880-square-feet (built 1995) is in 26 buildings on 17.77 acres adjoining Oro Valley Country Club Golf Course.
Unit amenities include air conditioning, alarm, balconies, cable ready, ceiling fan(s), dishwasher, wood burning fireplace, intrusion alarm, microwave, oversized closets, mountain / golf course views, washer & dryer in unit, garbage disposal, and refrigerator.
Community amenities include business center, clubhouse, covered parking, a dog park, emergency maintenance, extra storage, fitness center, garage, green community, high speed internet access, hot tub, playground, public transportation, two swimming pools, trails (bike, hike & jog), corporate suites, pet friendly. Special features include disability access, furnished units available, short term available,
Jim Sellers, Senior Vice President of CBRE’s Debt and Equity office in Tucson handled the transaction and new financing.
To learn more MC Companies’ McElroy can be reached at 480.998.5400 and the Tucson office can be called at 520.790.8100. Sellers can be contacted at 602.735.1777.