Casa De Colinas and Mission Tierra Apartments sold with 425 aggregate units for a combined total of $19.6 million ($46,059 per aggregate unit) in two separate transactions.
Casa De Colinas sold for $12.75 million ($62,195 per unit) in an all-cash deal. Located in the Western Foothills, the property has 205-units consisting of 28 – one-bedrooms each 646-square-feet, 70 – two-bedrooms each 925-square-feet, and 107 – four bedroom / two baths with 1,378-square feet, double level town homes.
The property opened in January 1997 and is 125,476-rentable-square-feet in fourteen buildings on an 8.72 acre parcel located at 2162 West Speedway Blvd. in Tucson.
The seller was Partnership for Quality Affordable Housing #5 of Phoenix and the buyer, Aspen Square Management out of West Springfield, Massachusetts. Both the buyer and seller were represented by Hamid Panahi, Cliff David and Steve Gebing of Marcus & Millichap in Phoenix.
Mission Tierra sold for $6.8 million ($31,023 per unit) all-cash. Located close to I-19, downtown and the Tucson airport, the property has 220-units consisting of 96 - one-bedrooms in two floor plans: 574-square-feet and 587-square feet, 96 – two bedrooms with two floor plans: 844-square-feet and 860-square-feet, and 28 – double level town homes with four bedrooms each 1,312-square-feet.
The property opened in Fall 993 and is 174,256-rentable-square-feet in sixteen buildings on 8.42 acres at 5505 S Mission Rd. in Tucson.
The seller, Partnership for Quality Affordable Housing #3 of Phoenix, and the buyer is a Utah-based company, MS Solutions, LLC. Both the buyer and seller were represented by Hamid Panahi, Cliff David and Steve Gebing of Marcus & Millichap in Phoenix.
Aspen Square Management can be reached at (413) 781-0712. The Marcus & Millichap National Multi Housing Group of Panahi, David and Gebing should be contacted at (602) 687-6700 for more information.
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[mepr-show rules="58038"]Sale price for Casa De Colinas was $12,750,00 in an all cash deal. The closing date was reported as 5/14/2014. Property was 90% occupied and sold at a 6.04% cap.
Sale price for Mission Tierra was $6,825,000 in an all-cash deal. The closing date was reported as 5/12/2014. Property was 95% occupied and sold at a 6.61% cap. [/mepr-show]