TUCSON, AZ (August 29, 2024) -- The Cushman & Wakefield | PICOR Multifamily Team, Allan Mendelsberg and Joey Martinez, recently handled the sale of a 23-unit portfolio from Wesley James Krajicek Family Revocable Trust of Tucson, the seller to Plowden/Martin Properties, LLC of San Diego, for $2,150,000 ($93,478 per unit).
Both assets closed on August 9, 2024.
This portfolio is comprised of two multifamily properties in Central Tucson:
- Pima Apartments (4238-4246 E. Pima St.)
- Built: 1940 (with numerous renovations)
- Units: 11 (10 1BD/1BA and 1 2BD/1BA)
- Features: Air-conditioning & backyards with attached storage units
- Lee Apartments (4223-4245 E. Lee St.)
- Built: 1969 (renovated in 1971)
- Units: 12 (4 1BD/1BA and 8 2BD/1BA)
- Features: Tile flooring, air conditioning & private backyards
These properties are strategically located in Central Tucson, providing residents with convenient access to popular grocery stores such as Trader Joe’s, Sprouts, and Fry’s, as well as Tucson Medical Center, the Tucson Botanical Gardens, and the Crossroads Festival shopping center. This prime location makes the properties particularly attractive to Tucson Medical Center employees and those seeking a vibrant urban lifestyle.
“Demand is still very strong for Tucson! This specific package generated 9 offers in less than two weeks of marketing” says Mendelsberg. "With this latest transaction, PICOR’s Multifamily Team continues to solidify its position as a market leader in Tucson’s 10–150-unit multifamily space."