ABI MULTIFAMILY, Arizona’s largest locally-owned, dedicated multifamily brokerage and advisory firm announced the opening of its Tucson regional office in June. Thomas Brophy, Director of Research at ABI Multifamily, released its first Tucson Snap Stats for First Half 2015 from data obtained from RED Comps as an information source.
First half 2015 multifamily sales volume in the 100+ units category was $114 Million, up 38.67% year-over-year ($82 million). In the top three sales per unit price were: The Place at Wilmot North that sold for $62,778 per unit, Arcadia Park that sold for $60,868 per unit, and The Place at Broadway East that sold for $58,333 per unit. Average price per square foot was $60.82 an increase of 10.12% ($55.23) year-over-year. Average year built was 1981.
In the smaller 10-99 units sales, Granada sold for $87,500 per unit, Bermuda for $65,833 per unit and Flower Plaza for $50,000 per unit to round out the top three sales in first half 2015. Multifamily sales in this category totaled $24 million in first half 2015, an increase of 45.37% year-over-year ($17 million). Average price per square foot was $48.20, down by 19.96% ($60.22) year-over-year. Average year built for this category was 1968.
Average effective rent year-over-year was up by 2.1% and on average $722 rent from $707 per month for the 100+ units. Vacancy rate trended down by 0.9% year-over-year to 8.2% for first half 2015 from 9.1% in 2014.
Lance Parsons, CCIM, heads up the Tucson office for ABI Multifamily and can be reached for more information at 520.265.1945.
Click here for the full ABI Multifamily H1 2015 Snap Stats: Tucson-1H-2015-Snapstats