TUCSON, Arizona — High demand in the Tucson multifamily market saw cap rates tick up slightly this quarter by 2.57%; from a Q1 average of 8.55% to a Q2 average-to-date of 8.77% based on all multifamily property sales. There doesn’t seem to be any slowdown in sight as sales volume remained about the same quarter to quarter.
Sales this month negotiated by Tony Reed at Long Realty include these four transactions with an aggregate of 67-units and $3.5 million.
Phoenix investors, Christopher & Kathleen Dimitruck bought the multifamily property at 725 E 10th Street in Tucson in a $1.35 million ($79,412 per unit / $130 PSF) sale. The 17 railroad housing style units were built in 1921 of brick construction on .69 acres. The property is in the Central submarket, within 4 blocks of the University of Arizona. Unit mix consists of (9) Studios and (8) 2-bedroom units.
Tony Reed with Long Realty in Tucson represented the seller, First Tucson LLC of Boston, MA (Phil De Normandie). Benjamin Lair with My Home Group represented the buyers.
To learn more, see RED COMP #4946.
Reed represented First Tucson LLC also in the sale at 2340 E 8th Street in Tucson, in the Sam Hughes Neighborhood, for $737,500 ($81,944 per unit / $129 PSF) to California investor, Robert Bujarski of Encinitas CA. The nine units consist of seven 1-bedrooms and two 2-bedrooms in 5,735-square-feet (built in 1928) on 1.22-acres in the Central submarket.
Robert Redding with Centra Realty in Tucson represented the buyer in the transaction while Reed was the listing agent.
To learn more, see RED Comp #4854.
AZ Commons LLC of San Diego, CA (Kevin Easterly, manager) purchased a value-add multifamily property at 3653 E 2nd Street in Tucson for $1 million ($33,333 per unit / $43 PSF). The 30-units in 23,324-square-feet were built in 1978 on .84 acres in the Central submarket. Unit mix consists of thirty 1-bedroom units with covered parking, pool and A/C.
Chuck Corriere with Keller Williams of Southern Arizona represented the seller, Ramiro and Arcella Valencia of Tucson and Tony Reed with Long Realty represented the buyer in this transaction.
To learn more, see RED Comp #4931.
The Phillip and Kristen Voorhees Family Trust bought the multifamily property at 5630 East 2nd Street in Tucson for $425,000 ($38,636 per unit / $65 PSF). The property consists of 11-units in 6,528-square-feet (built 1969) on .88-acres. There are ten 2-bedroom units and one studio unit, located in the Eastern submarket of Tucson.
Tony Reed with Long Realty represented both buyer and seller, Winthrop N Isaacsen Separate Property Trust of Tucson in this transaction.
To learn more, see RED Comp #4861.