Galeria del Rio, a premiere townhome rental community in Tucson sold to Scottsdale-based, Rincon Partners for $19.3 million ($191,089 per unit). Located along the River Road corridor in northwest Tucson, the property is within easy access to Interstate-10, it is at 5132 N Prairie Clover Trail in Tucson.
The newly constructed property was completed in December 2014 and was 98% occupied at time of sale. Consisting of 101 units with attached two-car garages in two- three- and four-bedroom units. The property consists of 101-separate lots, tow common areas and a clubhouse/amenity lot developed with the additional exit strategy of converting the rentals into for-sale townhomes.
This is the highest price per unit multifamily sale in Tucson since October, 2015 when Avilla Preserve at 2501 W Orange Grove Road sold for $150,000 per unit.
Galeria del Rio is state-of-the-art design with 9-foot ceilings, open floor plans, private entries and private backyards with masonry walls. The average three- and four- bedroom units at Galeria del Rio are 1,573-square feet.
Each unit includes a two-car garage with remote openers. Unit interiors feature black kitchen appliances packages, granite countertops, breakfast bars, kitchen pantries, elegant wood cabinets and brushed nickel fixtures. Also included in each unit are full sized washer and dryer, larger walk-in closets with carpet and ceramic tile floors throughout.
Community amenities include a beautifully designed neighborhood center with gourmet coffee bar, tenant computer area with scanner, complimentary Wi-Fi hot spot, pool, spa with gas Bar-B-Que, and dog park. Property units are individually metered for electric, water and sewer.
This is the first investment in Tucson for the buyer, a newly form investment group. Financing was provided by Fannie Mae.
Justin Lanne and Mike Chapman of NAI Horizon in Tucson represented the seller, Riverview Commons of Tucson (Steve Quinlan, Chris Kemmerly and Marcel Dabdoub, members). The buyer was self-represented.
For more information, Lanne can be reached at 520.907.3470 and Chapman should be contacted at 520.591.5188.
To learn more, see RED Comp #3747.