CENTRAL SUBMARKET
Georgetown Apartments, a 96-unit, two-story apartment complex at 2510 N Winstel Blvd in Tucson sold for $3.175 million ($33,073 per unit). Situated on 3.54 acres, northwest of Grant and Alvernon, the property is comprised of five rental buildings (built 1972) surrounded by grassy courtyards with views of the Catalina Mountains.
The property features one-, two-, and three-bedroom floor plans. All of the two- and three-bedroom units are two-story townhomes, making the property an ideal condominium conversion opportunity. The property was 96% occupied at time of sale.
Each unit is equipped with air conditioning, dishwashers, disposals, frost-free refrigerators, private patios, and walk-in closets. Community amenities include an office / clubhouse, swimming pool and wading pool, barbecue areas, and laundry facilities.
The investor, Georgetown Apartments Tucson, LLC of Oakland, California (Sanford Jacobs, manager) and the seller, Georgetown Apartments, LLC of Camarillo, California, were represented by Hamid Panahi, Cliff David and Steve Gebing of Marcus & Millichap in Phoenix.
To learn more Panahi, David and Gebing should be reached at 602.687.6700. Login to reference RED Comp #3094 for additional information.
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CENTRAL SUBMARKET
Thurber Terrace Apartments at 750 W Thurber Road in Tucson sold for $921,000 ($21,419 per unit). The 43-units in three 2-story buildings with 81% one-bedroom units. The property was nearly 50% occupied when it sold in this 1031 exchange for buyer.
The property is located near the busy intersection of Oracle Road and Prince on the near North West side of Tucson. Prince is a major east west arterial road which connects to Interstate 10 just a few miles west of the property. Orcale Road is a major North South arterial road and one of Tucson' s major retail streets. Thurber Terrace is also near major bus lines, and just north of Jacobs Park, one of Tucson' s larger public parks.
Property amenities include covered parking, a pool and spa, and an on-site laundry facility. Unit amenities include individual metering, full electric kitchens including disposals, individual heat and air conditioning units, ceiling fans and mini blinds and large closets. The property is well maintained, has been painted recently, is nicely landscaped, and shows a great deal of pride of ownership and has nice curb appeal. Due to its strong curb appeal the property has maintained strong occupancy during the recent rental market downturn.
The seller, Joseph V Siemienowski of San Diego, CA was represented by a broker from San Diego and the investor, Joseph W Graham was represented by Roger Breckenridge of Long Realty in Tucson.
To learn more Breckenridge should be reached at 520.918.5813. For additional information see RED Comp #3040.
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[mepr-show rules="58038"]Georgetown Apartments sold 7/8/2015 with $950,000 down and the balance financed with a conventional loan. Property sold with a 6.25% cap rate.
Thurber Terrace Apartments sold 6/24/2015 with $101,222 down and a seller carryback for balance. Property was a pre-foreclosure distress sale that sold with deferred maintenance including three A/C that had to be replaced. [/mepr-show]