Minnesota-based, Dominion Apartments, Inc., one of the country’s largest affordable housing development and management companies, purchased the La Posada Apartments at 6300 S Headley Road and the Cabo Del Sol Apartments at 5600 S. Midvale Park Road in Tucson for a total of $11.54 million ($42,426 per unit).
Both properties were identical with 136-units having been developed by the seller, Greater Coastal Management of Houston, Texas, in 1999. The unit mix for each property consists of (26) 1BR/1BA – 575 SF, (32) 2BR/1BA – 775 SF, and (74) 3BR/1.5BA – 1,000 SF.
The apartment homes are gated communities, with playground, laundry rooms, pool and spa, patios and balconies, fitness room, clubhouse, and computer lab with internet. Bother are on bus line and pet friendly communities.
Both properties were 118,200-square-feet in rentable building area. La Posada Apartments selling for $6.18 million ($45,478 per unit) was 92% occupied, and Cabo Del Sol Apartments selling for $5.36 million ($39,375 per unit) was 90% occupied at time of sale.
Both buyer and seller, Greater Coastal Management, develop and manage affordable housing communities throughout the Southern United States.
Hamid Panahi, Steve Gebing and Cliff David of Marcus & Millichap in Phoenix handled the transaction for both buyer and seller.
For more information, Panahi, Gebing and David should be reached at 602.687.6700.
Login for additional information. To learn more, see RED Comp #3624 and RED Comp #3625.
[mepr-show rules="58038"]Each property was sold at a 6.6% cap rate.[/mepr-show]