Tucson, AZ — The Southern Arizona Chapter of the CCIM Institute, one of the largest commercial real estate networks in the world with chapters in more than 30 global markets, announced Craig Finfrock, CCIM, has been elected to serve a 3-year term on the CCIM Institute’s Board of Directors. CCIM Institute confers the Certified Commercial Investment Member designation, commercial real estate’s global standard for professional achievement.

Craig Finfrock is the CCIM 2021 Region 2 Vice President and serves on the Institute’s Regional Activities Subcommittee, University Outreach Subcommittee Marketing Committee and will be the 2022 Chair of the Chapter Activities Subcommittee.  He was the 2018 President of the Southern Arizona Chapter of CCIM and has served on the Chapter’s Board since 2015.

CCIM Institute is a global community of 13,000 members, more than 50 chapters, in over 30 countries that educates and connects the world’s leading experts in investment strategy, financial analysis, and market analysis.

TUCSON, ARIZONA – Terrace Apartments at 3717 East Lee Street in Tucson recently sold to an investor from Colorado for $1.5 million ($125,000 per unit). The buyer, WB Property Ventures, LLC of Denver, CO (Cody Lee Burton, manager) is a real estate broker with Atlas Real Estate in Colorado, a company that focus is on multifamily investment properties.

Terrace Apartments, built in 1962, consists of an 8-unit apartment building and a 4-plex with a mixture of two- and one-bedroom units and 12 covered and 12 uncovered parking spaces. The seller had completely rehabbed the property and it sold ready to take it to the next level.

For the investor, this was the largest purchase to-date in a young portfolio and was purchased all-cash.

Peter Canacakos with Long Realty in Tucson represented the seller, Terrace Apartments on Lee, LLC of Scottsdale (Eric and Regina Kaupanger, managers).

“The property was in great shape in a great Central Tucson neighborhood. Half of the units were earth tones and other half grey tones,” said Canacakos. “The seller’s renovations had included the laundry room with four new washers and four new dyers, new irrigation system, new landscaping, new roof coating and a newly seal coated parking lot. Half of the units also had new air conditioning units.”

For more information, Canacakos should be reached at 520.918.4831.

To learn more, see RED Comp #9249.

Phoenix, Arizona – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $41,625,000 / $260,156 Per Unit / $284.71 Per SF sale of Westover Parc Apartments, a 160-unit multifamily apartment community located at 6515 West McDowell Road, Phoenix, AZ 85035. ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick represented the buyer and seller in this transaction.

Westover Parc Apartments is a 160-unit, complete project, individually parceled / condo-mapped, and fully gated garden-style apartment community in the far West submarket of Phoenix, Arizona. Built in 2002, the property consists of 14 rental buildings, one office, one fitness center, and one maintenance garage structure constructed of wood frame, stucco and pitched composition shingle roofing resting on a 16.13-acre site. The unit mix consists of 88 one-bed / one-bath units, 64 two-bed / two-bath and 8 three-bed / two-bath units with a weighted average of 914 square feet. Units are individually metered for electricity and have individual hot water heaters and HVAC’s (ground-mounted). Interior amenities include: Air conditioning / heating, patio / balcony, ceiling fans, walk-in closets, carpet / wood-vinyl / tile flooring, and kitchens equipped with stove / oven, refrigerator, microwave, dishwasher, full-size washer and dryer, and pantry. Select units offer granite countertops and a stainless steel appliance package. The community also offers: A large dedicated leasing office, swimming pool, fitness center, barbeque grills & picnic areas, dog park, two gazebo areas, gated / controlled access, open / covered parking, and garages.

The property is situated between the Westgate Sports and Entertainment Districts and Grand Canyon University. Westover Parc’s close proximity to a multitude of major transportation corridors such as: the Papago Freeway (Interstate-10), Agua Fria Freeway (Loop 101), Grand Avenue (Highway 60), and the recently constructed extension of the South Mountain Freeway (Loop 202) provides residents with easy access to the entire Phoenix Valley.

Significant employers in proximity to the property include the Medical Technology Corridor (encompassing the Banner University Thunderbird Medical Center, Arrowhead Hospital, St. Joseph’s Westgate), Kenyon Plastering Inc, Empire Power Systems, Swift Transportation Co, retail centers such as Westgate and Desert Sky Mall, and educational institutions including Grand Canyon University, ASU West, and the Glendale Community College network. Furthermore, across the I-10 to the south of the property are numerous distribution hubs for major companies which include: Amazon, O’Reilly Auto Parts, UPS, Target, Autozone, Winco, GAP and DHL.

The buyer is based in Massachusetts and the seller is based in California.