Three Central Tucson Apartments sold recently for $1.59 Million in three separate transactions to value-add investors:
Oakwood Terrace Apartments at 2740 N Balboa Avenue in Tucson sold to a value-add investor for $915,000 ($16,053 per unit). The 57-unit complex is a single story complex, built 1963. The seller had purchased the property at a foreclosure auction sale and held it for a month before reselling.
Located in North Central Tucson, near Oracle and Grant Road, the unit mix is 12 studios, 44 one-bedroom and 2 two-bedroom units. Amenities include a pool, and laundry facility and each apartment is individually metered with a private fenced yard, full electric kitchen and air conditioning.
Pinnacle Realty Investors, LLC of Tucson (Jarrett Reidhead, manager) was self-represented in the transaction. The buyer, 18Teen Jak Properties, LLP of Tacan, AZ was represented by Allan Mendelsberg with Cushman & Wakefield | Picor of Tucson.
To learn more Reidhead can be reached at 520.331.8050 and Mendelsberg should be contacted at 520.546.2721.
For additional details see RED Comp #3284.
Alturas Apartments at 115 E Alturas in Tucson sold for $325,000 ($25,000 per unit). The 13-units are studios with one two-bedroom unit in a 4,350-square-foot building, built in 1949.
Located in North Central Tucson near Amphi High and Middle School, the property has recently undergone capital improvements such as roof recoating and tile flooring in some of the units.
The seller, The Mitsios Trust was represented by Edgar Watters with Realty Executives Tucson Elite in Tucson and the buyer, Monteer Properties of Tucson was represented by Allan Mendelsberg with Cushman & Wakefield | Picor.
To learn more Watters can be contacted at 520.877.4940 and Mendelsberg should be reached at 520.546.2721.
See also RED Comp #3280 for further details.
4640-4648 E Fairmount Street, Tucson sold for $350,000 ($50,000 per unit). The 7 units comprise 6-one bedroom units rented at $450 per month, and 1-two bedroom home rented at $600 per month, plus a separate office which could be converted into an additional one-bedroom unit.
Centrally located, at Swan & Fairmount, the property is near major bus lines. The 4,200-square-feet is in three buildings, built circa 1954. The seller was John Yacks of Marana, AZ and the buyers, Daniel and Jana Wells.
Maureen & Craig Thompson with Integra Group Real Estate of Tucson represented both buyer and seller.
To learn more the Thompsons can be reached at 520.256.6117.
For additional details, see RED Comp #3251.