Oasis I & II, located at 320-332 East Yavapai Road in Tucson and Oasis III at 300-306 East Navajo Road in Tucson sold for a combined total of $2.41 million ($19,127 per unit). The 66-units at 300-306 E Navajo sold for $1.26 million ($19,090 per unit) and the 60-units at 320-332 E Yavapai sold for $1.15 million ($19,167 per unit).
Ennabe Properties of Los Angeles, CA (Fares Ennabe, President) was the investor.
Oasis I, II & III are all three-story apartment buildings built in 1994, comprising 126 rental units. The unit mix is approximately 60% one-bedroom and 40% three-bedroom units. Construction is of wood, with built-up roofs. Heating and cooling is provided by individual roof-mounted air conditioning units. The utility costs associated with heating and cooling are the responsibility of the owner. The property is individually-metered for electricity, and the costs associated with usage inside the dwelling units are the responsibility of the owner. Hot water is provided by individual water heaters. The cost of water, sewer charges, and trash collection is the responsibility of the owner. The property has on-site laundry facilities available for tenants and includes 68 uncovered parking spaces.
The properties are situated in Central Tucson within a few blocks of each other. There are several schools within one mile of both properties including Helen Keeling Elementary School, Tucson Preparatory School, and Amphitheater Middle School.
The buildings of Oasis are constructed on rectangular sites comprising approximately two 1.64 acres, at a density of 36.53 units per acre.
Nearby grocery store options include Food City, less than one mile east of Oasis and Fry’ s situated at the intersection of 1st Avenue and Roger Road. The Interstate-10 Highway is accessible via the Prince Road on ramp, located less than three miles north-west of the property.
Nearby shopping malls include the Macy’ s and Dillard’ s-anchored Tucson Mall, located less than two miles north-west of the property, as well as the Shops on University located at University Boulevard and Park Avenue, three miles southeast of the property. Additionally, University of Arizona Medical Center is located on Speedway and Campbell. Nearby Junior Colleges include Pima Community College, located at Speedway and Cholla Boulevard. University of Arizona (enrollment: 40,223 students) is minutes away from Oasis.
Jim Hill with Real Living S.J. Fowler Real Estate in Phoenix handled the sale that closed in four separate transactions for buyer and seller.
For additional information, Hill can be contacted at 602.264.8400.
To learn more, see RED Comp #3726 and #3603.