TUCSON, ARIZONA (May 25, 2023) – The multifamily team of Allan Mendelsberg and Joey Martinez with Cushman & Wakefield | PICOR handled the following recent transactions.
Coronado Vista Courtyard, a 21,800-square-foot 55+ housing property at 1511 N Craycroft Road in Tucson, Arizona, sold for $3.8 million ($95,000 / unit), all studios and one-bedroom units.
The property is an active independent senior community Located in East Central Tucson, within the city allows close proximity to shopping, dining, and store locations, including Park Place Mall, Restaurant Row, Sabino Canyon, Udall Park & Senior Center, Tucson Medical Center, and both El Dorado and St. Joseph's Hospitals.
The quaint community has a vintage mid-century architecture with a Southwestern flair, beautifully restored with quality materials. The solid look of masonry has been further enhanced with eco-friendly and energy-saving dual pane windows and the addition of foam-insulated exterior masonry walls. Upscale lighting, beautifully refinished original cabinetry, granite-looking countertops, high-seated elongated toilets, carpet-free flooring, and custom-painted interiors are just a few of the benefits of living here.
Each renovated apartment has its own separate central heating and AC system. Other amenities include a large central Courtyard, central laundry facilities, a rose vine-covered Ramada with bench seating, and free local & long-distance (US & CANADA) phone calls in the Clubhouse.
The asset closed on May 16, 2023. The seller was Craycroft Commons, LLC of San Diego; the buyer was Gould Family Properties VIII, LLC of Tucson.
In a separate transaction that closed the same day, Tucson Terrace Apartments at 3493 E Lind Road sold for $3.85 million ($74,038 / unit). The 28,248 square feet were built in 1982. The unit mix consists of 52 units: (28) Junior suites - 450 SF; (12) 1-bedroom / one bath - 550 SF; and (12) 2-bedroom / one bath - 780 SF, centrally located at the northwest corner of Palo Verde Ave and Lind Road.
The low-income housing project sold as a value-add opportunity with below market rents. The gated community has on-site laundry, on-site management, covered parking, and a playground.
Lind Commons, LLC of San Diego, was the seller, TT Partners, LLC, and Jeff Diller Real Estate of San Diego, was the buyer.
In a third sale occurring May 17, 2023, Mendelsberg and Martinez represented both parties in the sale of 14 on Stone Apartments at 2620 N Stone Ave. in Tucson for $1.41 million ($100,700 / unit). The fourteen units consist of three duplexes and eight casitas with (13) one-bedrooms units and (1) two-bedroom unit in 7,556 square feet, built in 1941, located between Jacinto and Kelso on Stone Avenue.
The buyer was TB Fillmore 1538, LLC of Scottsdale, and the seller, Stone 14, LLC, an affiliate of Green Stone Capital.
For more information, Mendelsberg can be reached at 520.546.2721, and Martinez is at 520.546.2730.
To learn more, see RED Comps #10673, #10691, and 10676.