TUCSON, ARIZONA -- Cushman & Wakefield | Picor closed the sale of Cordova Village, a 324-unit multifamily asset in Tucson, Arizona at 2020 S Columbus Blvd and 4250 E. 29th Street. The property sold for $34 million ($105,000 per unit). Equilibrium Funding Managers of Tucson was the seller and Villas Las Mandarinas an affiliate of Greenwater Investments of Coral Gables, Florida, the investor.
Allan Mendelsberg, Principal, and Conrad Joey Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in the transaction.
“We’re not seeing any slow-down in the multifamily sector. We had over 35 tours and 17 offers on the property,” said Mendelsberg. “The new owners plan an extensive renovation and repositioning of the asset that sold on a price per unit basis.”
Cordova Village is located in the Eastern Tucson submarket near Columbus and 29th Street, which provides easy access to Davis-Monthan Air Force Base, Amazon, and other Tucson major employers.
Built in 1975 on nine acres, the property is an 18-residential building complex with three offices, a clubhouse, swimming pool, jacuzzi, BBQ Island with picnic area, fitness center, and pet friendly. The unit mix includes 321 one-bedroom and three two-bedroom units.
For more information, Mendelsberg can be reached at 520.546.2721 and Martinez can be contacted at 520.546.2730.
To learn more, see RED Comp #9920.