TUCSON, ARIZONA – La Mirada Apartments at 4415 & 4515 East Grant Road in Tucson sold for $18 million ($89,552 per unit). The 201-unit complex, built in 1973, is 198,331-square-feet on 8.57 acres with two-and three-bedroom units.
Units have air conditioning, ceiling fan(s), hardwood flooring, oversized closets, dishwasher, gas range, refrigerator and views of the Catalina Mountains. There are two pools and a clubhouse with conference room, gas and charcoal grills, lush courtyard and two laundry facilities. Property is on bus line with gated access, cable ready, has extra storage and high-speed internet access.
The strong close to 2020 in the Tucson multifamily market has set the stage for another year of healthy performance in 2021.
The local vacancy rate is at the lowest point in a generation, despite a fairly active pace of multifamily development in each of the past two years. There is an additional nine projects with 1,426 units expected to come online in 2021, and the vacancy rate is likely to inch higher.
The pace of transaction activity in Tucson have leveled off a bit in the first few months of the year, following a wave of property sales.
Property sales in four of the past five years have outpaced the long-term trend, reflecting the healthy levels of investor demand, strong property fundamentals, and low borrowing costs available in the market.
One transformation that has occurred in recent years has been the increase in larger transactions. Market forecasters are predicting an increase in these transactions in the first half of the year.
Joseph Chaplik of Joseph Bernard Investment Real Estate represented the seller, Tolu Real Estate, LLC of Burlingame, CA. Joe Boyle also with Joseph Bernard Investment Real Estate represented the buyer, Drake T16 La Mirada Owner, LLC of Encinitas, CA.
For more information, Chaplik and Boyle should be reached at 503.546.9390
To learn more, see RED Comp #8574.