Holualoa Sells Mission Creek Apartments in Tucson for $8.5 Million

An affiliate of Holualoa Companies sold the Mission Creek Apartments at 1451 West Ajo Way in the southern submarket of Tucson for $8.5 million ($42,500 per unit / $73.44 PSF). This well maintained complex has 200-units in thirteen 2-story buildings with approximately 115,700 rentable-square-feet and one- and two-bedroom units in four different floor plans.

Built in 1987, each unit at Mission Creek is equipped with air conditioning, dishwashers, disposals, walk-in closets, and mini-blinds. Cable television and a security system is optional for each unit. Select units are equipped with ceiling fans, vertical blinds, vaulted ceilings, and either a private balcony or patio. Community amenities include a clubhouse with kitchen, fitness center, two swimming pools, a spa, racquetball court, playground, a laundry facility, and barbecue areas.

Located on Ajo Way, just west of Interstate 19 in southwest Tucson. Ajo is a major east/west corridor in southern Tucson, and Interstate 19, located less than one mile east of Mission Creek offers a direct link to Mexico, 90 miles to the south. Interstate 19 forms a junction with Interstate 10, just over one-mile north of Ajo Way. Interstate 10 provides access for many employers to the east and west, as well as direct access to Phoenix to the north.

The buyer is a private investor from Denver, Colorado Hung N Tran, who had representation from Berkadia Real Estate Advisors in Denver.

Art and Clint Wadlund of Berkadia Real Estate Advisors in Tucson represented the seller in the transaction.

For more information, contact Art Wadlund at 520.299.7200 or Clint Wadlund at 520.529.9206.

[mepr-show rules=”58038″]* Property sold with a GSI of $1,239,600 with rental loss of $173,362 total rentable income was $1,066,238. Miscellaneous income was $156,800. Operating expenses totaled $600,705 and with $300 per unit reserves property sold with an NOI of $562,335 and a 6.62% cap rate.[/mepr-show]