TUCSON, ARIZONA (August 2, 2023) – Five apartment properties with a combined 78 units sold for $8.5 million recently.
Park Avenue Apartments at 215 N Park Avenue with 20 units and Studio One Apartments at 1015 E 9th Street with 24 units sold in bulk for $3.818 million ($86,773 per unit) to a California investor. The properties are all studios and located within two blocks of the University. Both buildings are of masonry construction, built in 1961 and 1974 respectively.
The transactions closed separately on 7/25/2023,
Eliza Landon Dray with Tierra Antigua Realty represented the seller, Bogutz & Gordon PC, as Trustee. Scott Michael Hotchkiss with Coldwell Banker Residential Brokerage represented the investor.
For additional information, Dray can be reached at 520.990.6485, and Hotchkiss can be contacted at 520.465.1015.
To learn more, see RED Comp #10804 and #10805.
A 19-unit multifamily complex at 2620 N 14th Avenue sold for $1.65 million ($86,842 per unit) to an investor from Henderson, NV.
The 19-units consists of (11) 1BR/1BA, (4) 2BR/1BA, (2) 4BR/1BA and (2) 4BR/2BA units with an on-site laundry facility, centrally located at Oracle and Jacinto Street. The transaction closed on 7/12/2023.
Philip Fileccia with Pinnacle Realty & Investment Advisors represented the buyer and seller in the transaction.
For more information, Fileccia should be reached at 520.599.8005.
To learn more, see RED Comp #10782.
A 7-unit multifamily property at 1490 E Prospect Lane sold for $1.6 million ($228,571 per unit to a Tucson investor. The transaction closed on 7/21/2023.
The unit mix consists of 3 two-bedrooms, three one-bedrooms, and one three-bedroom house built between 1959 and 1979 with Old Pueblo Charm and character. The property has been maintained and lived in for 36 years. The two commercial acre site contains a large storage building, garage, workshop, and enclosed garden area with an agricultural well. The pressure system irrigates the mature trees with a sprinkler system. Among the units, there are 11 fireplaces and nine carports. Units feature beamed ceilings, brick floors, and private patios.
The main house includes three bedrooms & bathrooms, a den/library, office space, and an enclosed porch. The main home also features a butler's kitchen, a spacious pantry, and a laundry room near the University.
Marc Luety with Keller Williams represented the transaction's buyer and seller.
For more information, Luety can be reached at 520.615.8400.
To learn more, see RED Comp #10799.
North Santa Rosa Apartments at 1623-1641 N. Santa Rosa Ave. in Tucson sold for $1.435 million ($179,375 per unit) to a California investor. The property consists of two fourplexes with (4) 2BD/2BA and (4) 3BR/2BA units constructed in 1967 located in northeast Tucson at Pima and Santa Rosa Avenue.
The transaction closed on 7/25/2023.
The 8-unit apartment property was an off-market sale. Allan Mendelsberg and Joey Martinez, Principals and Multifamily Specialists with Cushman & Wakefield | PICOR, represented the seller, a Scottsdale-based group, and the investor.
For additional information, Mendelsberg should be reached at 520.546.2721, and Martinez is at 520.546.2730.
To learn more, see RED Comp #10809.