Alpine Chalet Apartments at 746 East 5th Street in Tucson sold for $2.05 million ($73,214 per unit) to a California investor, The Spot on 5th LLC (Victor Silver, manager).
Bob Kaplan with Marcus & Millichap of Denver Colorado represented the seller, Alpine Chalet Apartments LLC of Tucson (Paul Kahn, manager). Kaplan marketed the 28-unit property as a student housing opportunity located across the street from the 40,000 student University of Arizona, in the Historic West Campus area.
The 18,260-square-foot property consists of three, two-story-buildings built in 1964 that were renovated in 2012. The unit mix consists of 68% one-bedrooms, 29% two-bedroom units and one three-bedroom units. Property was 95% occupied at time of sale.
Community amenities include a heated pool, on site laundry owned by property, a quiet central courtyard, and a gated secure access. Unit amenities include vaulted ceilings on second floor units, ceiling fans, mini blinds, and individual HVAC units.
Bob Kaplan and Richard Bird with Marcus & Millichap in Denver represented the seller and Tony Reed with Long Realty in Tucson represented the investor in the transaction.
For more information, Kaplan can be reached at 303.328.2034, Bird is at 303.328.2000 and Reed should be contacted at 520.918.5189.
To learn more, see RED Comp #4104.