TUCSON, AZ -- An experienced investor, SVP Holdings of Oro Valley (Vishal Patel, manager) purchased the Mark Hall Apartments, a 29- unit apartment building located 3 blocks from the University of Arizona sold for $2 million ($68,965 per unit) to be repurposed into student housing, located at 814 E 9th Street in Tucson, AZ.
Apartment complexes in this area rarely come on the market. Well-built of brick construction and under rented (by approximately 20%-30%) the property is in a prime location between downtown and the U of A, and only 4 blocks to 4th Ave. shops and restaurants.
The unit mix consists of twenty-four 850-950 square-foot 2 bedroom units, two studios, two-one-bedroom units and one 1,075 square foot three bedroom / two bath units.
Property amenities include a community pool & owned laundry. Units are individually metered for gas & elec. Property is master metered for water and has two central hot water boilers.
Jade Bossert with Tierra Antigua Realty handled the transaction for both buyer and seller, a private Trust in Tucson.
The Bank of Tucson handled the financing.
For more information, Bossert can be reached at 520.544.2335.
To learn more, see RED Comp #4201.