In three separate transactions, 18-units in three apartment complexes, at 8-22 W Kelso, 8-units at 2811-2827 E Fort Lowell, and 10-units at 1741 E Hedrick Drive, all in Tucson closed this month for an aggregate amount of $1.306 million ($72,555 per unit). The properties are all located in the Central submarket of Tucson.
The property at 8-22 West Kelso in Tucson was sold for $206,000 ($25,750 per unit) to Starfire Real Estate, LLC (Mark & Lori Taylor) of Tucson. Additional addresses for the property include 2701-2703 N Stone Avenue. Constructed from 1927-1952, the property consists of five buildings totaling 5,201-square-feet, on three tax codes of 24,000 square-feet or .55 acres.
Allan Mendelsberg, Investment Specialist with Cushman & Wakefield | Picor represented the seller, Randall V Stark – Stone & Kelso, LLC of Pleasant Hill, CA in this transaction.
Peter and Bonnie Eddy as trustees of the Peter and Bonnie Eddy Trust purchased the 8-unit apartment complex at 2811-2827 E Fort Lowell in Tucson for $300,000 ($37,500 per unit). The 4,896-square-feet in two buildings were constructed in 1977 and are on an 18,450-square-foot, or .42 acre lot.
Allan Mendelsberg, Investment Specialist with Cushman & Wakefield | Picor handled the transaction for buyer and seller, the Johnston Family Properties V, LLC (Jim Johnston) of Tucson.
Hedrick Investment Partners, LLC (Guillermo Madariaga) of Tucson purchased the 10-unit apartment complex at 1741 E Hedrick Drive in Central Tucson for $800,000 ($80,000 per unit). RODOS apartments is a 10 unit apartment / condominium community near the Corner of East Fort Lowell and North Campbell in the vibrant North Central corridor of Tucson. Built in 2007, the property consists of two 2 story buildings with each building containing five two story condominiums of approximately 1,200 SF each. Each unit is a 2 bedroom, 2-1/2 bath unit with interior amenities including polished concrete floors, in unit washer and dryer, ceiling fans in bedrooms and common areas, electric stove, microwave and dishwasher with modern cabinets. Exterior amenities include private gated patios with each unit, ample parking and a lot in the rear of the complex suitable for either a swimming pool, sand volleyball court or other tenant amenity. Tenants pay all utilities except for common area electric and water.
Bob Kaplan and Allan Mendelsberg, Investment Specialists with Cushman & Wakefield | Picor handled the transction.
Mendelsberg can be contacted at (520) 546-2721 and Kaplan at (520) 546.2737 for more information.
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[mepr-show rules="58038"]The Kelso property closed on 12/6/2013 in an all-cash transaction. Property sold with an NOI of $21,571 and a 10.47% cap rate.
The Fort Lowell property closed on 12/2/2013 with $80,000 down and a seller carryback. The Hedrick property sold on 12/13/2013 with $400,000 down and a seller carryback for the balance.[/mepr-show]