Copper Creek Apartments Tucson Convey for $4.75 Million

Copper Creek Apartments, 6666 E Golf Links Rd, Tucson

ALTA Copper Creek, LLC an affiliate of California-based ALTA Community Management paid $4.75 million ($48,000 per unit) for the Copper Creek Apartments at 6666 East Golf Links Road in Tucson.

Located in the Eastern submarket of Tucson Copper Creek Apartments offers one and two bedroom flats, and two and three bedroom town homes. The 99-units were 90% occupied at time of sale in this stable community.

Amenities include a pool and barbeque area and the new owner plans to add solar panels and a business center to the property. Rents range from $630 to $1,099 per month with all utilities included.

The 32 building complex was built in 1973 and totals 95,761-square-feet.

The property has a somewhat walkable score of 52 and a very bikeable score of 71.

Both buyer and seller, Plaza De Vista, LLC of Tempe, AZ (Narinder & Anju Parasher, members) were represented by Hamid Panahi, Cliff David and Steve Gebing of Marcus & Millichap in Phoenix.

“Deal by deal, the Tucson multifamily market remains strong. Investors are looking for a variety of different product types to fit their individual needs and investment strategies in today’s market,” Panahi explained. “Finding stabilized properties such Copper Creek was critical for this multifamily investor that plans to optimize the property’s efficiency.”

Panahi, David and Gebing can be contacted through the office at 602.687.6700.

[mepr-show rules=”58038″]Sale date: 9/25/2014. $950,000 down, balance new financing. Unit mix: (16) 1-bedrooms, (36) 2-bedrooms/ 1 bath, (12) 2-bedroom / 1 bath townhomes, (35) 3-bedrooms / 1.5 baths. Property was on the market for 30 days and closed escrow in 120 days. Property sold at a 7.12% cap rate.[/mepr-show]