1

C&W Picor Negotiated $13.81 Million in Under 40-Units Tucson Multifamily Sales Last Month

TUCSON, ARIZONA — The Multifamily Team of Cushman & Wakefield | PICOR have had a busy month closing nine apartment deals with an aggregate of $13.81 million and 194 units ($71,186 per unit).

A three-property portfolio sale with 71-units and 34,070-square-feet of multifamily space. Executive Apartments, Jerrie Apartments and Eastgate Apartments were sold by different Tucson LLCs under management of Gary Love for $5,025,000 (average $71,000 per unit).

The portfolio had 41 offers in the short two weeks it was on the market and sold at a price per unit basis.

  • Executive Apartments – 11 Units at 5530 E Bellevue Street, Tucson, AZ 85712  sold for  $700,000 to Winding Creek Apartments, LLC. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction. To learn more, see RED Comp #9057
  • Jerrie Street Apartments – 28 Units at 1031 N Jerrie Avenue, Tucson, AZ 85711 sold for $1,800,000   To learn more, see RED Comp #9058.
  • Eastgate Apartments – 32 Units at 1175 N Jefferson Avenue, Tucson, AZ 85712 sold for $2,525,000.  To learn more, see RED Comp #9059.

Winding Creek Apartments, LLC of Los Angeles, CA was the investor. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction.

Casitas @ Thirteen Forty – 24 Units at 1340-1390 N Country Club Road, Tucson, AZ 85716 was purchased by Casitas On Country Club, LLC. Casitas @ Thirteen Forty was purchased from Thirteen Forty Holdings, LLC for $1,785,000 ($74,375 per unit). The property includes nine duplexes and one 6-unit apartment building with courtyard, laundry, and gated. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented the seller in the transaction. Nancy Moore, with Lifestyles Realty Phoenix, Inc., represented the buyer. To learn more, see RED Comp #9045

Vida Nueva Apartments – 24 Units at 3525 N Stone Avenue, Tucson, AZ 85705 sold for $1,250,000 ($52,083 per unit). Three two-story buildings with playground, pool, fenced and gated parking. Mendelsberg and Martinez represented both sides. To learn more, see RED Comp #9007.

Villas Sentinel Apartments – 21 Units at 1841 S San Jose Drive, Tucson, AZ 85713 sold for $1,840,000 ($87,619 per unit). Ten duplexes and one SFR are all 2-bedroom / 1 bath units (730 SF) with a playground. Seller was self-represented in the transaction and Mendelsberg and Martinez represented the buyer. To learn more, see RED Comp #9115.

Bordon’s Court – 20 Units at 2245 S 6th Avenue, Tucson, AZ 85713 sold for $1,190,000 ($59,500 per unit). Property consists of a triplex, one apartment building with 6-units, and a Motel with 11-units all Studios approx. 600SF. Pueblo Cielo, LLC purchased the 6,190-square-feet multifamily space from P.C. Terra Enterprises, LLC.  Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction. To learn more, see RED Comp #9078.

Multifamily – 11 units at 630 E Elm Street, Tucson, AZ 85705 sold for $1,650,000 ($150,000 per unit). The property consists of four duplexes, a triplex with off street parking. East Elm Managing, LLC purchased the 7,392-square-feet of multifamily space from Firstelm, LLC. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction. To learn more, see RED Comp #9091

BRinc on Geronimo – 12 Units at 3449-3471 N Geronimo, Tucson, AZ 85705 sold for $1,070,000 ($89,167 per unit). The property consists of twelve 487-square-foot. One-bedroom units with private yards & carports and burnt adobe construction on a corner lot. Recently remodeled, all units are individually metered for electric. Owner pays water, sewer, natural gas and trash collection. Allan Mendelsberg, Principal and Conrad Martinez, Multifamily Specialists and Conrad Martinez with Cushman & Wakefield | PICOR, represented both buyer and seller in this transaction. To learn more, see RED Comp #9140

For additional information, Mendelsberg should be reached at 520.546.2721 and Martinez is at 520.546.2730.

PHOTO: Casitas @ Thirteen Forty