TUCSON, Arizona – Palo Verde Terrace Apartments at 3493 E Lind Road in Tucson sold for $3.6 million ($69,231 per unit) to a San Diego investor.
Palo Verde Terrace Apartments is located in the north central Tucson submarket. A mix of junior suites, one- and two-bedroom apartments, the property consists of five total buildings, three buildings for apartments, one separate laundry facility, and one separate storage/maintenance building. It has a large parking area with both covered and uncovered parking for tenants.
Built in 1982, the 52-unit apartment complex is designated low income housing (LURA) with air conditioning.
Joseph Chaplik of Joseph Bernard Investment Real Estate represented the seller, 5330 Bellevue Investments, LLC of Scottsdale and Joe Boyle also with Joseph Bernard Investment Real Estate represented the investor.
For more information, Chaplik and Boyle can be reached at 480.305.5600.
To learn more, see RED Comp #9093.
In a separate transaction, 9-units at 2614 N Los Altos Avenue in Tucson sold for $775,000 ($86,111 per unit) to a California investor, Nine Doors Down, LLC.
The nine casitas consist of eight 1BR/1BA (484 SF each) and one 3BR/1BA (880 SF) were built circa 1950 on .94 acres and were fully rented at time of sale.
Joe Boyle of Joseph Bernard Investment Real Estate represented the seller, AZWW Holdings, LLC of Chandler and Adam Dresher also with Joseph Bernard Investment Real Estate represented the investor.
For more information, Boyle and Dresher can be reached at 480.305.5600.
To learn more, see RED Comp #9052.