TUCSON, Arizona -- A California investor, Mibara Inc., bought the value-add property Kelso Vista Apartments at 450 W Kelso Street in Tucson for $1.7 million ($42,500 per unit).
The 40-units in 24,030-square-feet were all one-bedrooms, with pool, spa and laundry facilities and built in 1983. Property was 50% occupied at time of sale.
The Marcus & Millichap team of Hamid Panahi, James Crawley, Steve Gebing and Cliff David represented the seller, NKJ Investments. LLC. Michael Bishop with Realty Executives Tucson Elite represented the investor.
For additional information, contact Panahi, Crawley, Gebing and David at 602.687.6700 and Bishop can be reached at 520.631.8588.
To learn more, see RED Comp #4718.
Marcus & Millichap also represented the seller in the sale of 2320 N 4th Avenue in Tucson for $1.455 million ($132,273 per unit).
This 11-unit student housing complex near the UA consists of five duplexes and an SFR totaling 10,145-square-feet, built in 1996 on .80 acre. Although not rented by the bed, being near the University it rents to students.
Daniel Rosenbaum of Rosenbaum Relaty Group represented the investor form Laguna Beach, California and the Marcus & Millichap Team of Hamid Panahi, James Crawley, Steve Gebing and Cliff David was on the seller’s side.
For additional information, Panahi, Crawley, Gebing and David can be reached at 602.687.6700 and Rosenbaum is at 480.588.1333.
To learn more, see RED Comp #4814.
[mepr-show rules="58038"]Kelso Vista Apts. Sold 4/4/2017 Document #2017-0940149 as a value add sale.
2320 N 4th Ave sold 5/9/2017 at a 6.75% cap rate. [/mepr-show]