Alpine Chalet Apartments at 746 East 5^th Street in Tucson sold for $2.05 million ($73,214 per unit) to a California investor, The Spot on 5^th LLC (Victor Silver, manager).

Bob Kaplan with Marcus & Millichap of Denver Colorado represented the seller, Alpine Chalet Apartments LLC of Tucson (Paul Kahn, manager). Kaplan marketed the 28-unit property as a student housing opportunity located across the street from the 40,000 student University of Arizona, in the Historic West Campus area.

The 18,260-square-foot property consists of three, two-story-buildings built in 1964 that were renovated in 2012. The unit mix consists of 68% one-bedrooms, 29% two-bedroom units and one three-bedroom units.  Property was 95% occupied at time of sale.

Community amenities include a heated pool, on site laundry owned by property, a quiet central courtyard, and a gated secure access. Unit amenities include vaulted ceilings on second floor units, ceiling fans, mini blinds, and individual HVAC units.

Bob Kaplan and Richard Bird with Marcus & Millichap in Denver represented the seller and Tony Reed with Long Realty in Tucson represented the investor in the transaction.

For more information, Kaplan can be reached at 303.328.2034, Bird is at 303.328.2000 and Reed should be contacted at 520.918.5189.

To learn more, see RED Comp #4104.

ABI Multifamily, Arizona’s largest locally operated dedicated multifamily brokerage and advisory services firm, is pleased to announce the $8.65 million ($47,011 per unit) sale of the Green Leaf at Broadway Apartment Homes, a 184-unit apartment community located at 8880 E Broadway Blvd. in Tucson, Arizona.

Green Leaf is an all two-story apartment community built in 1980 and renovated in 2015.  The property consists of an attractive mix of 60% (110) 1-bedroom and 40% (74) 2-bedroom unit types with an average size of 676 square feet.  Approximately 35% of the units have undergone renovations.  The property is individually metered for electricity and was constructed of wood frame/stucco.  Green Leaf has 10 total building structures, a dedicated leasing center and clubhouse.  Additional property features include: swimming pool, spa, basketball court, fitness center, two on-site laundry facilities, ample parking, and BBQ grill areas.  The property was approximately 95% occupied at close of escrow.

Located in the Southeast Tucson Submarket, Green Leaf is approximately a mile from Park Place Shopping Center, one of the most popular shopping malls in the Tucson Metro. Significant employers in proximity to the property include University of Arizona, Raytheon, Davis-Monthan Air Force Base, and Tucson Medical Center. “The Seller purchased Green Leaf as a distressed property in late 2013 and immediately implemented an overall rehab and repositioning plan, which included extensive exterior/common area and select interior apartment unit upgrades,” states Alon Shnitzer, Senior Managing Partner at ABI, who was the lead broker representing the Buyer and Seller in the transaction. “The buyer and seller are very experienced apartment owners and were a pleasure to work with.  In addition, on-site management was retained which helped make this an extremely smooth transaction.”

“The Southeast Tucson Submarket is absolutely exploding in population growth,” states Lance Parsons, CCIM, Vice President at ABI, who also represented the Buyer and Seller.  “From 2000, not only has the population increased 22% but median and per capita incomes have risen 33% and 32% respectively.  Given that most construction, in the Metro, has focused on the downtown and surrounding environs, the Buyer has an excellent opportunity to capitalize on completing the renovations started by the Seller and provide essentially newer product to a Submarket that most certainly is in demand of it.”

The Seller is a partnership formed through Bruce Ash, President/CEO of Paul Ash Management Company, LLC.  The firm is a privately held investment and property management partnership based in Tucson, Arizona.  Paul Ash Management Company, LLC operates multi-family, HOA, retail, industrial and public sector assets in eight different states across the country.

The Buyer is a private capital group based out of California.

The ABI Multifamily brokerage team of Alon Shnitzer, Lance Parsons, Ryan Kippes, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented the Buyer and Seller in this transaction.

For more information, Shnitzer can be reached at 602.714.1283 in Phoenix and Parsons should be contacted at 520.265.1945 in the ABI Tucson office.

To learn more, see RED Comp #4122.

United Community Health Center-(UCHC) Maria Auxiliadora, Inc. of Green Valley, Arizona, purchased seven continuous office condominium units #2, #3, #4, #5, #6, #7 and #8 at Santa Rita Professional Plaza Condominiums for $1.218 million ($172 PSF).

Located at 18855 S La Canada Drive in Sahuarita, Arizona, the property consists of approximately 7,082-square-feet of office space. The seller was 18855 La Canada, LLC of Tucson (Scott Sheftel, manager).

United Community Health Center (UCHC), a Federally Qualified Health Center (FQHC), is a medical home that provides primary and preventive health care to the population of southern Arizona and open to all regardless of their ability to pay. Currently there are eight community health centers under the umbrella of UCHC, collectively providing care to more than 14,132 patients and filling the critical gaps in health care serving the working poor, the uninsured, the medically underserved and many high-risk and vulnerable populations.

Doug Richardson and Michael Gross of Tucson Realty & Trust Co. represented the Seller in the transaction.

For more information, Gross and Richardson should be reached at 520.577.7000.

To learn more, see RED Comp #4094.