TUCSON, Arizona – Westwood Apartments at 714 East 10th Street in Tucson sold for $1.32 million ($69,474 per unit) in a value-add transaction.
The 19-units in 15,668-square-feet on .42 acres were built in 1969 with a unit mix of two 1-bedroom, (16) 2-bedroom and (1) 3-bedroom units.
The buyer, Vishal Patel of Tucson, bought the property to renovate. The seller, James Hostetler, is also of Tucson. Hamid Panahi and James Crawley with Marcus & Millichap Real Estate Investment Services represented both buyer and seller in the transaction.
Crawley observed, “Westwood presents a tremendous opportunity with immediate value-add potential in a prime Downtown location that seldom sees multifamily communities come available.”
For more information, Panahi can be reached at 602.687.6649 and Crawly should be contacted at 602.687.6700.
To learn more, login and see RED Comp #5024. For similar properties such as this one go to RED Listing Registry.
[mepr-show rules="58038"]Sale date: 7/17/2017. Doc # 2017-1980515. Property sold at a 6.46% cap rate.[/mepr-show]