TUCSON, Arizona – Marcus & Millichap handled the purchase by a private investor from Glendale, Calif of Desert Palms Apartments at 3125 N Alvernon Way in Tucson for $3.1 million ($45,588 per unit).
Built in 1983, Desert Palms is a 2-story, 68-unit Apartment Community located on Alvernon Way near Ft. Lowell. Kitchens are equipped with refrigerators, electric range, garbage disposals, and a dishwasher. Some units feature wood-vinyl flooring and walk-in closets.
Community amenities feature a swimming pool, laundry facility, covered parking, basketball and volleyball courts, as well as a pet playground.
The complex was 94% occupied at time of sale with a unit mix of 36-studios, and 16 each, one- and two-bedroom units.
The seller, Yorkdale Investment Group of Portland, Oregon and the buyer, Tide Pools, LLC, were represented by Hamid Panahi and James Crawley of Marcus & Millichap in Tucson.
“Based on Desert Palm’s positioning within the competitive landscape of the submarket, the subject property offers the opportunity to create future value through strategic interior and exterior renovations,” said Crawley.
Panahi added, “The buyer benefits from acquiring a property that is experience strong operational momentum through high occupancy and strong rental growth over the past 12 months.”
For more information, Panahi and Crawley can be reached at 520.719.6511.
To learn more, see RED Comp #5349.