C&W Picor Negotiates Two Multifamily Complexes for $6.95 Million

Pueblo Springs Apartments, 3003 N Alvernon Way, Tucson, AZ

Cushman & Wakefield | PICOR handled two multifamily Tucson transactions with an aggregate of $6.95 million.

Pueblo Springs Holdings, LLC purchased Pueblo Springs Apartments, a 41,850-square-foot multifamily property located at 3003 N. Alvernon Way in Tucson.  The 75-unit apartment complex was purchased from Pueblo Springs by Bakerson, LLC for $4.2 million ($56,000 per unit).

Built in 1972, Pueblo Springs was a value-add property when the seller bought it in 2017. The unit mix of the 75 units are (24) studios (450 SF), (49) one-bedroom units (600 SF),  and (2) two-bedroom units (750 SF).  Amenities include a community pool, covered parking, laundry facility, and gated community. Property was fully occupied at time of sale.

Located on North Alvernon Way just South of Fort Lowell in North Central Tucson on a major arterial road with interior courtyard privacy.  It is well located for shopping and employment opportunities. Nearby shopping includes a grocery-anchored center less than a mile south of the property and The Tucson Mall northwest of the property. The property is less than 5 miles from the University of Arizona, University Medical Center, Tucson Medical Center, The Tucson Auto Mall, and major retail employment along East Grant road.

Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented the seller in this transaction.  Anna Sepic with Levrose Commercial Real Estate, represented the buyer.

Portledge Partners, LLC purchased The Grove, a 14,278-square-foot apartment complex located at 2102 and 2110 N. First Ave. in Tucson.   The 7-unit, 27-bed student housing project was purchased from West Seattle 37 Investors, LLC for $2.75 million($102,000 per bed / $393,000 per unit).

Allan Mendelsberg, Principal, and Conrad Martinez represented the seller in this transaction. Paul Hooker, Principal, represented the buyer.

To learn more, Mendelsberg should be reached at 520.546.2721, Martinez is at 520.546.2730 and Hooker can be contacted at 520.546.2704.

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