Tucson, Arizona – Local investors, Man Tran and Hao T. Nguyen, purchased the retail property located at 8250 East Broadway Boulevard in Tucson from Trinum Properties, LLC of Los-Angeles, California (Shawn Rita Abrahams, manager). The property commanded a sale price of $320,000 ($97 PSF).

The multi-tenant four-unit building consists of an approximately 3,306-square-foot building on approximately 7,500-square-feet of land.  It was fully leased at time of sale with two tenants, Retro Hair Studio and Mesquite Community Church, each occupying half of building.

Retro Hair Studio describes itself as a blue-collar salon that caters to the working class, offering quality work at a guilt free, affordable price.

The Nguyens have been converting their portfolio from multifamily to retail investments were attracted to the property for its tenants.

Frank Arrotta of Tucson Realty & Trust Co. represented both the seller and the investor in the transaction.

“Cap rates are higher on these smaller ‘mom & pop’ centers, running in the high 8% – 9% caps,” Arotta said. “The higher end net leased properties are getting around a 6% cap rate for investors. This property was on the market for awhile before we were able to match it with the right buyer.”

For more information, Arotta should be reached at 520.577.7000.

To learn more, see RED Comp #5963.

TUCSON, ARIZONA – Berkadia’s Art and Clint Wadlund of Tucson represented Gleiberman Investments, Inc. of San Diego (Mark Gleiberman, president) in the sale of two Northwest Tucson apartment communities for $37.43 million and represented Holualoa Properties in an additional three communities totaling $64.5 million.

ComCapp Elevation, LLC a Texas REIT purchased the following Tucson Portfolio:

• Stoneybrook Apartments at 4225 North First Ave. in Tucson, a 411-unit complex, sold for $27 million ($65,693 per unit);
• La Jolla de Tucson at 444 West Orange Grove in Tucson, a 223-unit complex, sold for $15.9 million ($71,300 per unit); and
• Quail Ridge Apartments at 4500 East Sunrise Dr., a 253-unit complex, sold for $21.6 million ($85,375 per unit).

HSL Properties of Tucson (Omar Mireles, president) purchased the following Tucson Portfolio:

• Casa Lindas Apartments at 699 West Magee Road in Oro Valley, a 144-unit complex, sold for $17.65 million ($122,569 per unit); and
• Springhill Apartments at 8030 E Lakeside Parkway in Tucson, a 224-unit complex, sold for $19.775 million ($88,281 per unit).

“We were pleased to be able to purchase the two northwest Tucson properties,” Omar Mireles said. “We had looked at them when the MG Properties and Gleiberman Investments had purchased them in a portfolio along with three other properties that they are also selling.”

All of the properties were at or around 95% occupancy at time of sale. All closings were completed the same day, on June 28^th.

Art and Clint Wadlund with Berkadia in Tucson and Rick Holway and Mark Forrester of Berkadia in Phoenix brokered both portfolios for the sellers. The investors were self-represented.

For additional information, Wadlund should be reached at 520.299.7200.

To learn more, see RED Comps #5956, #5957, #5950, #5951 and #5952.

TUCSON, ARIZONA – Makouska, LLC (Lance Parsons, member) sold the Village at Romero apartments at 4213 North Romero Road in Tucson for $1.95 million ($54,166 per unit).

Village at Romero is a 36-unit, condo-mapped, garden-style apartment prominently situated on North Romero Road. Residents enjoy direct access to all areas of Tucson by way of Interstate-10 while being located across the street from award-winning, Homer Davis Elementary School.

Built in 1980, Village at Romero is two-stories and 30,000-square-feet in five buildings of wood frame construction with pitched roofs and individually metered for electricity.

The property consists of all two-bedroom / one-bath units and include electric stoves, dishwashers, garbage disposals, frost-free refrigerators, individual water heaters, two-tone paint, and tile floors in downstairs units and laminate flooring upstairs. The property was 100% occupied at time of sale.

Common amenities include laundry facilities, sparkling pool, outdoor seating and barbeque. There is a separate rental office located in the center of the property for easy accessibility to tenants. Village at Romero produces an aesthetically pleasing environment with newly painted buildings, exterior lighting, updated irrigation landscaping and recently resurfaced pool deck and parking lot.

In addition, the evaporative coolers and roofs have been replaced within the past five years.

Lance Parsons with ABI Multifamily was principal and acted as broker in the transaction. The buyer, MATCCH Holdings, LLC of Tucson (Deborah Mayfield, manager) was self-represented.

Son Management has been contracted by the buyer to manage and lease the property.

For additional information, Parsons should be reached at 520.265.1945.

To learn more, see RED Comp #5901.