TUCSON, AZ (December 17, 2024) — Allan Mendelsberg and C. Joey Martinez, Principals and Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in the following transactions totaling $8,715,000 for 88 units.

Meadow East & West, LLC purchased a 47-unit multi-family portfolio from RN AZ Holdings LLC. The portfolio, including Meadow West, 1545-1591 N. Santa Rita Ave. and Meadow View, 601 E. Lee St., sold for $4,925,000 ($104,787 per unit).

The Derby Townhomes, LLC purchased Mesquite Grove Apartments, a 29-unit apartment complex located at 1620 E Adelaide Dr. & 1651 E Glenn St., in Tucson. The 21,000-square-foot complex was purchased from Glenwood Village Apartments LP for $2,600,000 ($89,655 per unit).

The Foundry Apts, LLC purchased Winstel Apartments, a 12-unit apartment complex located at 3322 N. Winstel Blvd., in Tucson. The 8,950 square-foot complex was purchased from Winstel, LLC for $1,190,000 ($99,167 per unit).

For more information on these transactions, Mendelsberg can be reached at 520.546.2721 and Martinez is at 520.546.2730.

To learn more, subscribers should refer to RED Comp #11566, #11581 and #11645.

Phoenix, AZ. (December 13, 2024) – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $21,100,000 ($155,147 Per Unit / $178.51 PSF) sale of Cabo del Sol Apartments, a 136-unit multifamily apartment community located in Tucson, Arizona. The buyer and seller were represented by ABI Multifamily’s Phoenix-based Institutional Arizona Team – Alon Shnitzer, Rue Bax, Eddie Chang, Doug Lazovick, and Tyler Bruggman in collaboration with ABI Multifamily’s Tucson Apartment Team – Desiree Palmer and Ryan Kippes.

The buyer, Break of Day Capital, is based in California. The seller, Element Property Company, is a national multifamily investment firm that acquired the property in 2020.

Cabo del Sol Apartments is a 136-unit, garden-style apartment community located in the Midvale Park submarket of Tucson, AZ. Situated on South Midvale Park Road just north of West Drexel Road, residents have easy access to downtown Tucson directly via an approximate 10-minute drive by way of the Interstate-19. In addition, a multitude of neighborhood conveniences, services, and entertainment options are located just two miles to the east at the Tucson Spectrum outdoor mall which include Target, The Home Depot, Ross Dress for Less, Best Buy, Discount Tire, Harkins Theatre, Sprouts Farmers Market, and Main Event.

Completed in 1999, the Cabo del Sol Apartments is constructed of wood frame and stucco with pitched tile roofing. The property features a unit mix that consists of 26 one-bedroom / one-bathroom units, 30 two-bedroom / one-bathroom units, and 80 three-bedroom / two-bathroom units with a weighted average of 869 square feet. Each unit is individually metered for electricity with individual hot water heaters. Unit interiors feature air conditioning/heating, walk-in closets, patios/balconies, vinyl wood flooring (select units), ceiling fans, access to cable and high-speed internet, as well as fully equipped kitchens with stainless steel appliance packages (select units). The gated community also provides its residents with a swimming pool / spa, clubhouse, laundry facilities, fitness center, business center, children’s playground, gated entry, and open parking.

Significant employers in proximity to the property include Banner University Medical Center South, Freeport-McMoRan, Walmart, Intuit, and the University of Arizona.

TUCSON, AZ (December 12,  2024) — The Tucson Industrial Development Authority (IDA) bought the 600 S. Meyer Ave. office building in Barrio Viejo for $2.5 million ($219 PSF). This will be the new home to the Tucson Industrial Development Authority’s Avanza Program, which supplies loans to small business owners underserved in the banking industry.

The seller, Haley & Aldrich of Burlington, MA, renovated the building as a solar-powered office after buying it for $900,000 in 2007.  The 11,429-square-foot building was initially constructed in 1933.

Gordon Wagner, Justin Lanne, and Mike Chapman of NAI Horizon handled the sale on behalf of both buyer and seller.

“We are thrilled that the Tucson Industrial Development Authority has successfully acquired the property,” stated Wagner. “Not only were they a pleasure to work with, but their plans align seamlessly with the historic character of both the neighborhood and the building. Additionally, the solar power represents a sustainable approach that looks forward to the future.”

The seller occupied the building and will continue to temporarily lease back 1,900 square feet of space on the second floor from the buyer.

For more information on this transaction, Wagner can be reached at 520.326.2200, Lanne is at 520.907.3470 and Chapman is at 520.907.3470.

To learn more, subscribers should refer to RED Comp #11620 .