Oakwood Terrace Apartments in Tucson Sells for $2.35 Million


TUCSON, Arizona – California investors, Ava Terrace Apartments, LLC, Marcus & Jodi Bannon, members) purchased Oakwood Terrace Apartments at 2740 & 2750 N. Balboa Avenue in Tucson for $2.35 million ($40,517 per unit) as a value-add investment.

Built in 1963 on 2.48 acres, Oakwood Terrace Apartments is a 58-unit complex located in the northwestern part of Tucson. The property includes (12) studios, (44) 1-bedroom units, and two 2-bedroom units. Many of the units have gone through various renovations over the past few years. The property benefits from a number of on-site amenities including a pool, large courtyard, laundry facilities and ample parking. All units have air conditioning. The whole complex is fenced in, including a sensor gate at the entrance providing security for the residents.

Located in a busy area between Oracle Rd and Stone Ave, the property is in close proximity to many retail and service opportunities

Allan Mendelsberg, Principal and Multifamily Specialist with Cushman & Wakefield | PICOR represented the seller, a Canadian group, 18Teen Jac Properties, LP in this transaction.   Joseph Chaplik with Joseph Bernard Investment Real Estate, represented the buyer.

For more information, Mendelsberg can be reached at 520.546.2721 and Chaplik is at 520.428.0850.

To learn more, see RED Comp #6905.