Cali Investor Buys University Manor for $4.25 M
TUCSON, ARIZONA — A California investor bought University Manor Apartments at 1525 N Euclid Avenue in Tucson for $4.25 million ($73,276 per unit) from 742 E Lee Street, LLC (Jarrett Reidhead, manager).
The property was purchased by the seller in July 2015 for $2 million to renovate at a cost of $600,000. The four two-story buildings remodel was complete in 2016 on the 58-unit apartment complex, located less than 5 blocks to the University of Arizona, and sold fully leased through July 2018.
Each unit has new hardwood cabinets, granite counter tops, porcelain tile, paint, dishwasher, microwave & electrical fixtures installed in the renovations of 2016. New Clubhouse with leasing office and laundry room built in 2016. New block walls and metal gates installed 2016. Swimming pool, turf, and landscaping updated 2016.
Jarrett Reidhead with Tucson Integrity Realty handled the sale for the sellers and Glen Beer with Keller Williams of Santa Monica, California represented the buyer, Next Door Apartments – Tucson, LLC (H.Scott Cohn, manager).
For more information, Reidhead should be reached at 520.331.8050 while Beer can be contacted at 310.890.7700.
To learn more, see RED Comp #5084 and #3163 for prior transaction; see also Red Listing Registry for more properties like this one.