Multifamily sales of properties in the South and Central submarkets were active in the month of February totaling $8.3 million in sales volume.
SOUTH SUBMARKET
Lakewood Townhomes LLC of Casabasas, CA (Carolyn Felger, manager) sold the196-unit Lakewood Townhomes & Apartments in 133,938-square-feet at 4200 E Benson Hwy in Tucson for $5.85 million ($29,847 per unit). One-bedroom (53%) and two-bedroom (47%) townhomes (built 1963) are all single-story and feature large kitchens with breakfast areas. Private patios and balconies look out onto lush, natural landscapes. Complete laundry facilities are provided for convenience. Grounds include a lake, basketball court, playground, shaded park, and covered picnic areas on an 18.71 acres.
Art Wadlund and Clint Wadlund of Berkadia in Tucson represented the seller. To learn more Wadlund should be contacted at 520.299.7200. For additional information see RED Comp #2693.
UNATCO / Zeller IRA of Joliet, IL bought the 16-unit apartment at 5075 S 6th Avenue in Tucson for $375,000 ($23,438 per unit) from Schuyler & Parakeet LLC of Tucson (Gary Zimbler, manager). Rodeo View Apartments consists of 16 one-bedroom units in a 12,800-square-foot building (built 1983) on .54 acres. Units are individual electric metered, with on-site laundry and parking area.
For additional information see RED Comp #2703.
Villa Vequero Apartments at 221 E Olive Street in Tucson was purchased by Southwest Equities LLC of Tucson (Gary Zimbler, manager) for $248,000 ($20,666 per unit) from the Cook Family Trust (Ronald & Barbara Cook, trustees). The 12-unit apartment complex (built 1988) is located south of Irvington Road and east of Old Nogales Highway. The property overlooks Rudy Garcia Park with numerous retal and office options along Irvington Road. The units are comprised of two 1-bedroom/one tbah units at 563-square-feet and ten 2-bedroom/1-bath units at 737-square-feet, all evaporative cooled, laundry facility and on-site management. The 2-story buildings consist of 8,670-suqare-feet on a .17 acre lot.
For additional information see RED Comp #2610.
CENTRAL SUBMARKET
Hinchcliffe Shire LLC of Pasadena, CA (Michael Bransby, member) purchased the 10-unit apartment complex at 405 N Granada Avenue in Tucson for $875,000 ($87,500 per unit) from John F Carroll also of Tucson. The property consists of 10 stand-alone casitas (built 1908) totaling 6,779-square-feet on a 1.01 acre lot. Property comprises eight 1-bedroom and two 2-bedroom/ 1 bath units.
For additional information see RED Comp #2696.
Malad Family Limited Partnership of San Diego, CA purchased an 18-unit apartment complex at 3700 N Fairview Avenue in Tucson from Max Performance, Inc. of Tucson (Ken Wilson, director) for $650,000 ($36,111 per unit). Fairview Village Apartments is an 8,460-square-foot master leased community located in central Tucson (built 1980) and comprised of all one-bedroom / one bath units. Individually metered, the lessee is responsible for all routine maintenance. The master lease expires 2018 and includes small rental increases each year, with renewal options after expiration. Allan Mendelsberg, Investment Specialist with Cushman & Wakefield | Picor, represented the buyer and the seller in this transaction.
For additional information see RED Comp #2700.
Arnold Industries LLC of Tucson (Robert & Thomas Arnold, members) purchased four-unit rental complex at 430 N Norris Avenue in Tucson for $301,000 ($75,250 per unit) from Anthony Vaccaro of Tucson. The 2,976-square-foot property (built 1954 & 1965) is on a .21 acre lot. Located near the University of Arizona, new streetcar, downtown Tucson dining and lounge scene. The 2-story rear house features a private fenced yard and the 2-story apartments feature private patios. Property was 100% leased at time of sale. Vito Teti of Long Realty Company represented the seller and Yishi Garrand of Habitation Realty represented the investor.
For additional information see RED Comp #2708.
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[mepr-show rules="58038"]4200 E Benson Hwy - Sale date: 2/26/2015, APNs: 140-35-207 thru 406, 407A & 407B. All cash deal. Property sold at a 6.65% cap rate.
5075 S 6th Ave - Sale date: 2/27/2015, APN: 137-01-003B, $10000 down, seller carryback. Property was marketed at a 10% cap rate.
221 E Olive St - Sale date: 2/12/2015, APN: 137-03-089, All cash deal. Property was marketed at an 8.03% cap rate.
405 N Grande - Sale date: 2/27/2015, APN: 116-19-040A, 048A, Buyer paid $575,000 down and seller carried back the balance.
3700 N Fairview Ave.- Sale date: 2/27/2015, APN: 106-05-122C. All cash deal. Property sold at a 7.83% cap rate.
430 N Norris Ave. - Sale date: 2/17/2015, APN: 125-07-302A. All cash deal.[/mepr-show]