TUCSON, ARIZONA (June 8, 2023) – In addition to this May’s prior apartment sales reported in the Real Estate Daily News, the multifamily team of Allan Mendelsberg and Joey Martinez with Cushman & Wakefield |PICOR handled the following two transactions, valued at $3.925 million.
The Compound Student Housing complex at 774 & 794 E Seneca Street in Tucson sold for $2.925 million ($417,857 per unit or $104,464 per bed).
The two-story buildings, built in 2012, total 15,464 square feet with 28 total beds in 7 units, a pool, a spa, on-site laundry, and on-site management and sold fully leased for the 2023-2024 school year.
The transaction closed on May 30, 2023.
Allan Mendelsberg and Joey Martinez, Principals and Multifamily Specialists with Cushman & Wakefield | PICOR, represented the buyer and the seller in the transaction.
In a separate transaction, TAD IV Holdings LLC, an affiliate of J&R Frawley Family Trust of Santa Monica, CA, purchased the 5th Ave Apartments, a 5,125-square-foot investment property at 4544, 4556, & 4560 S. 5th Ave. in Tucson, from Tucson I Buyer LLC an affiliate of Dollar Mark Equity Solutions for $1,000,000 ($90,909 per unit).
The 11-unit apartment sale consists of 4,950 square feet in two fourplexes and one triplex with nine 1Br/1Ba units and two 2 BD/1BA units, built in 1959.
The transaction closed on May 24, 2023.
Allan Mendelsberg and Joey Martinez, Principals and Multifamily Specialists with Cushman & Wakefield | PICOR represented the seller. Joseph Chaplik, with Joseph Bernard, LLC, represented the buyer.
For more information, Chaplik should be reached at 503.546.9390. Mendelsberg is at 520.546.2721, and Martinez should be contacted at 520.546.2730.
See RED Comps #10695 and #10705 to learn more about these apartment sales.