Georgetown and Park Village Communities Sold for $6.1+ Million
Phoenix, Arizona – Colliers International in Greater Phoenix has sold two different apartment communities in Tucson for a total sales price of $6,149,000 ($39,417 per unit) . The developments contain a combined 156 apartment units and were sold to separate California-based investors.
“These two properties offered outstanding opportunity for long-term investment benefits,” says Jesse Hudson, associate with Colliers International in Greater Phoenix. “Both Georgetown and Park Village provide immediate, attractive cash flow with capital improvement options that could bring stronger revenue in the future.”
Hudson, Trevor Koskovich and Bill Hahn of Colliers International in Greater Phoenix marketed the properties and negotiated the sales.
Georgetown Apartments were built in 1972 and are located at 2510 N. Winstel Blvd. The community contains 96 apartment units totaling 71,659-square-feet on 3.52 acres of land.
Transpacific Asset Management of California purchased the community from Georgetown Apartments Tucson, LLC for a price of $4,224,000 ($44,000 per unit). Transpacific Asset Management owns several assets in Greater Phoenix and Tucson.
Located just three miles from University of Arizona, Georgetown Apartments features primarily two and three-bedroom townhome units with private patios. Its outstanding central Tucson location and wide array of amenities has made Georgetown Apartments a popular leasing destination. Units include oversized closets, large fenced patios, great mountain views, gas stoves and wood style flooring within a community that offers 24-hour maintenance service, beautiful pool and barbecue areas, as well as on-site professional management.
Park Village is located at 5290 S. Park Ave. and was constructed in 1985. Alpha Wave Investors, LLC, a private equity investment company from California, purchased the community from California-based Jesus Alfredo Estupinian for a price of $1,925,000 ($32,083 per unit). The community contains 60-units situated in two-story buildings on 1.84 acres of land. The buyer owns several assets in Tucson and Las Vegas and this represents an expansion of their portfolio.
The community features 60 percent one-bedrooms and the remainder are two-bedroom units. Apartments feature private balcony/patio, semi-private entry and outside storage.