TUCSON, Arizona – ABI Multifamily, a brokerage and advisory services firm that focuses exclusively on apartment investment transactions, announced the $1.5 million sale ($46,875 per unit / $53.38 PSF) of the 32-Unit Villa Delano Apartments at 123 W Delano Street in Tucson.
The property, originally built in 1980, sits on nearly 1.4-acres of land near the intersection of West Fort Lowell and Oracle Roads; with 4 total buildings, and features all spacious 2-bedroom, 2-bath units with a weighted average size close to 900-square-feet. Unit features include private balconies, fireplaces, vaulted ceilings and skylights (select units).
“The buyer was in search of a stable asset with upside potential,” states Lance Parsons, Senior Vice President at ABI, who co-represented the buyer and seller with Ryan Kippes, Vice President at ABI. “This pride of ownership, one owner property, is located in the middle of all the major economic development occurring in the Central Tucson/University Submarket, which includes: Comcast’s new 1,100 person call center to Caterpillar’s new Downtown Regional Headquarters to World View’s Space Port project. In addition to tremendous economic activity, the property features all large 2-bedroom units which is a highly sought after unit type for both renters and investors.”
The buyer in this transaction is a private individual based in Colorado.
The seller in this transaction is Tucson-based Vasquez Construction Company.
The ABI Multifamily brokerage team of Lance Parsons and Ryan Kippes represented both buyer and seller in the transaction.
For more information, Parsons should be contacted at 520.265.1945 and Kippes can be called at 520.265.1895.