James P. Robertson Jr., CCIM, Senior Commercial Associate Broker with Realty Executives Tucson Elite, assisted the seller, Imperial Square, LLC of Tucson (Marten Kalway, managing member) in the sale of The Imperial Square Apartments at 665 N. Jefferson Ave. Tucson, AZ. 85711.
The Imperial Square Apartments, built in 1964, is in the near eastern portion of central Tucson. The property commanded a sale price of $550,000 ($18,333 per unit) in this deficiency sale. The 30-unit property consisted of all one bedroom units, and a pool and laundry facilities as amenities.
“Count this deficiency sale as another victim of the current real estate collapse. I would also like to applaud the buyer and the buyers’ representative for being knowledgeable on the commercial deficient sale process. It is not for the light hearted”, said Robertson.
The buyer, Prism Holdings, LLC of Tucson (Ralph Ruiz, managing member) was represented by Lance Parsons, CCIM, Senior Commercial Broker with ReMax Catalina Foothills Real Estate.
“The buyer saw that the property had good bones, but needed cosmetic and mechanical upgrades. An opportunity was there at the right price,” said Parsons.
CCIMs have earned an internationally recognized professional designation that signifies their expertise in commercial investment real estate. Since 1969, the Chicago-based CCIM Institute has conferred the Certified Commercial Investment Member (CCIM) designation to commercial real estate and allied professionals through an extensive curriculum of 200 classroom hours and professional experiential requirements. Currently, there are more than 9,000 CCIMs in 1,000 markets in the U.S. and 31 additional countries. Another 7,000 practitioners are pursuing the designation, making the institute the governing body of one of the largest commercial real estate networks in the world. An affiliate of the National Association of Realtors®, the CCIM Institute’s recognized curriculum, powerful technology tools, and networking programs impact and influence the way CCIM members do business.
Robertson can be reached at (520) 878-1629. Parsons should be contacted at (520) 577-3999.
Login in for additional information.
[mepr-show rules="58038"]Sale date: 10/30/2013. After six month escrow, countless negotiations with the lender, escrow finally closed with a sales price of $550,000 or $18,333 per unit. All cash transaction. This was a short sale with lender. APN: 127-03-552. Property sold with a GSI of $153,600, with other income reported of $2,276 and a vacancy loss of $50,688. Total operating expenses were reported at $74,906. Property sold with an NOI of $30,282 and a 5.5% cap rate. GRM was 5.23%
Property was on the market since 2/8/2013 with a 30 day close.[/mepr-show]