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NBA player, formerly with the Phoenix Suns and more recently the Brooklyn Nets, Josh Childress, purchased through a private investment firm Franklin Street Partners of North Carolina, the Casa Grande Village Apartments at 5950 S Park Avenue in Tucson.
The 52-unit complex was 90% occupied at time of sale; 79% were two-bedroom and 21% one-bedroom units. The property was reportedly well maintained and sold for[mepr-show rules="58038"]$1.48 million ($28,500 per unit) or $42 PSF for the 35,456 sq. ft. complex (built 1986) in five two-story buildings on 2 acres. Located in the southern part of Tucson at Park Ave and Mossman, the property is near I-19, the Tucson Airport, Hughes Aircraft Co., and Desert Diamond Casino.
Property amenities include two onsite laundry rooms, a playground, patios and balconies, ceramic tile floors, individual heating and air conditioning, and dishwashers in select units.
Franklin Street Partners, an asset manager since 1990, provides independent, strategic and highly personal advice to clients with high standards of professionalism, fiduciary responsibility and discretion. Investment clients run the range of endowments, foundations and other sophisticated institutional investors, as well as families and individuals with significant portfolios who require a more comprehensive solution.
Cohen Financial of Phoenix financed the sale.
North Star Management and Consulting in Tucson has been retained by the new owner for leasing and property management.
The multifamily team of Bill Hahn, Jeff Sherman, and Trevor Koskovich of Colliers International in Phoenix handled the transaction for seller, Westmoreland Apartments, LLC of Tucson and investor.
Franklin Street Partners can be reached at (919)489-2600. Cohen Financial is at (602) 381-3700. North Star Management should be contacted at (520) 885-8590. Hahn, Sherman and Koskovich at Colliers should be contacted at (602) 222-5000.[/mepr-show]
[ismember]Market time was 90 days and a 30-day close. Buyer paid $454,000 (30%) down and financed the balance with Cohen Financial. GPI ($334,440) with 1-bedroom units renting at $465/ month and 2-bedrooms renting at $555/month (average rent $536) and was 10% vacant at time of sale ($33,444) with operating expenses annualized at $132,400 and $300 per unit reserves ($15,600), the property sold with an NOI of $148,000 or approximately a 10% cap rate based on income at time of sale.[/ismember]