TUCSON Arizona — North First Medical Plaza a multitenant complex, located at 4701-4747 North 1^st Avenue in Tucson sold for $1.95 million ($75 PSF). The seller, Wetmore Land Corporation of Tucson (Gerald & Phyllis Altschuler) was the developer and builder of the 18 office condominiums that it self-managed and leased for 30 years.

The property is located south of River at Bromley Street and 1^st Avenue in the central submarket of Tucson. It was fully leased at time of sale with two of the condos combined for a total of 16 health related tenants.

Tenants include such businesses as Lab Express; Advanced Dermacare; Arizona Biomedical Services; Kneaded Massage Therapy; Arizona Foot Specialists, Alvernon Allergy & Asthma; Sage Holistic Counseling, Lab Corp; Pediatric Ophthalmology And The Center For Adult Strabismus; Advanced Spine Care Center, Artistic Health, Eye Associates; Healthquest Chiropractic; Where Healing Begins Naturally, and Dental House Calls.

Esther Empens with Tierra Antigua Realty in Tucson represented the seller.  Samantha Kalil with OMNI Homes International represented the buyer, North First 19 LLC and affiliate of Pelican Management.

For more information, Empens should be contacted at 520.271.5585 and Kalil can be reached at 520.474.1777.

To learn more, see RED Comp #4475.

TUCSON, Arizona – A Scottsdale-based company recently purchased the Peaks at Redington, a multifamily property in Tucson, Arizona. Senior Managing Art Wadlund and Associate Director Clint Wadlund completed the $14.5 million ($48,173 per unit) sale, which closed on January 19.

Berkadia represented the seller, PEM Investments, based in Scottsdale, Arizona. The buyer was SB Pacific Group of Berkeley, California.

“Peaks at Redington marks the buyer’s third acquisition in the Tucson market in the last two years,” Art Wadlund said. “This buyer has enjoyed success in the Tucson market, and this property was a natural addition to their portfolio, being less than one mile from other properties they’ve purchased.”

The property was built in 1980 and the 301 units feature one- and two-bedroom floor plans. Apartment amenities include air conditioning, ceiling fans, frost-free refrigerators and walk-in closets. Select units have fireplaces. Residents also enjoy community features such as a clubhouse with a kitchen, a fitness center, a swimming pool, a spa, a tennis court, a basketball court and laundry facilities.

Located at 7700 E. Speedway Blvd., Peaks at Redington is a short distance from top area employers including GEICO, Park Place Mall and Tucson Medical Center.

For more information, Art Wadlund can be reached at 520.299.7200 and Clint Wadlund is at 520.615.1100.

To learn more, login and see RED Comp #4479.

[mepr-show rules=”58038″]Property sold at a 6% cap rate based on income at time of sale.[/mepr-show]

“Multifamily buyers beginning to move their money from the Phoenix market to Tucson, capitalizing on higher cap rates and lower per unit acquisition costs”

Tucson, Arizona —  Colliers International in Greater Phoenix has negotiated the sale of two Tucson apartment complexes in transactions totaling $13+ million.  The properties were purchased by private investors and are part of a trend moving investment money to Tucson where cap rates and property prices are more appealing than metro Phoenix.

“Multifamily buyers are beginning to move their money from the Phoenix market to Tucson, capitalizing on higher cap rates and lower per unit acquisition costs,” says Trevor Koskovich, executive vice president with Colliers International in Greater Phoenix.

Koskovich, Bill Hahn, Jeff Sherman and Jesse Hudson negotiated the two multifamily transactions in the Tucson marketplace.

Dale Scheck of Deerfield, IL purchased Sherwood Gardens Apartments from MF Blue Valley Apartments, LLC of West Palm Beach, FL. for $7.54 million. The community at 6534 E. Stella Rd. is the third Tucson property acquired by Scheck.  Originally constructed in 1964, Sherwood Gardens consists of 24 single-level buildings totaling 180,395 square feet.  The community is comprised of 199 units ranging from 745-square-foot 1BR/1BA to 1,045-square-foot 3BR/1BA apartments.  The property is situated on 19.04 acres and includes 275 parking spaces.  Sherwood Gardens was 95 percent occupied at the time of the sale.

Sunpointe Gardens Apartments at 2727 N. Oracle Rd. was sold for $5.5 million.  George Lee and Michael Lee purchased the property from Ann Diaz of Tucson and Jack Tiano of Dana Point, CA. Sunpointe Garden Apartments features 165 units in eight buildings.  The two-story structures were built in 1978 and the property was 93 percent leased at the time of sale.  The property includes Studio, 1BR/1BA and 2BR/1BA units.  Community amenities include gated parking with 277 spaces, pool/spa, laundry facilities and a picnic area.

“Both of these multifamily properties offer opportunities for modernization that will provide revenue improvement to the investment,” says Hudson.  “They are well-built and well-leased communities and the strength of the Tucson marker rewards owners that improve older properties and reposition them.”

For more information, Koskovich can be reached at 602.222.5145, Hahn is at 602.222.5105, Sherman can be contacted at 602.222.5109, and Hudson should be reached at 602.222.5010.

To learn more, login and see RED Comp #4480 and RED Comp #4505.

[mepr-show rules=”58038″]Sunpointe Gardens – Sale date: 1/25/2017. Unit mix: Studios (56); 1-bedrooms (108) 2-bedroom (1). Property was 93% occupied at time of sale and sold at a 7% cap rate.

Sherwood Gardens – Sale date: 1/20/2017. Unit mix: one-bedrooms (30); two-bedrooms (110); three-bedrooms (59). Property was 95% occupied at time of sale and sold at an 8.5% cap rate. [/mepr-show]