TUCSON, ARIZONA – Terrace Apartments at 3717 East Lee Street in Tucson recently sold to an investor from Colorado for $1.5 million ($125,000 per unit). The buyer, WB Property Ventures, LLC of Denver, CO (Cody Lee Burton, manager) is a real estate broker with Atlas Real Estate in Colorado, a company that focus is on multifamily investment properties.
Terrace Apartments, built in 1962, consists of an 8-unit apartment building and a 4-plex with a mixture of two- and one-bedroom units and 12 covered and 12 uncovered parking spaces. The seller had completely rehabbed the property and it sold ready to take it to the next level.
For the investor, this was the largest purchase to-date in a young portfolio and was purchased all-cash.
Peter Canacakos with Long Realty in Tucson represented the seller, Terrace Apartments on Lee, LLC of Scottsdale (Eric and Regina Kaupanger, managers).
“The property was in great shape in a great Central Tucson neighborhood. Half of the units were earth tones and other half grey tones,” said Canacakos. “The seller’s renovations had included the laundry room with four new washers and four new dyers, new irrigation system, new landscaping, new roof coating and a newly seal coated parking lot. Half of the units also had new air conditioning units.”
For more information, Canacakos should be reached at 520.918.4831.
To learn more, see RED Comp #9249.