TUCSON, AZ (Oct. 14, 2026) — Two Tucson apartments totaling 55 units sold for a combined $2.56 million in related transactions that closed September 30, 2026. The portfolio included Delano and Balboa Apartments and Flower and Columbus Apartments, with an overall purchase price of approximately $46,545 per unit.
Allan Mendelsberg and Joey Martinez, principals and multifamily specialists with Cushman & Wakefield | PICOR, represented both buyers and sellers in the transactions.
Grace Development & Investments LLC purchased the 26-unit Flower and Columbus Apartments at 2647–2651 N. Columbus Boulevard and 4253 E. Flower Street for $1.5 million, or approximately $57,692 per unit. The seller was Equilibrium Flower Columbus OZ LLC.
The property occupies approximately 2.53 acres, with seven buildings and a unit mix of studio, one-bedroom and two-bedroom apartments.
In the companion transaction, Delano & Balboa Apartments LLC acquired the 29-unit Delano and Balboa Apartments at 219 E. Delano Street and 2432 N. Balboa Avenue for $1.06 million, or approximately $36,552 per unit. Equilibrium Villas LLC, associated with Equilibrium Real Estate Investments, was the seller.
The Delano property contains 14 apartments, while Balboa contains 15. The communities date to 1947 and 1948, respectively.
Earlier marketing positioned Delano and Balboa as a substantial renovation opportunity, describing both properties as vacant and estimating renovation costs of $15,000 to $30,000 per unit. Across the 29 apartments, that would represent approximately $435,000 to $870,000 in renovation work, based on the marketing estimates. Occupancy and the buyers’ improvement plans at closing were not disclosed.
The acquisitions bring two groups of older Tucson apartments under new ownership, including properties previously marketed for renovation and renewed leasing. Current operating income, expenses and capitalization rates were not disclosed in the sale information.
For more information, contact Mendelsberg at (520) 546-2721 or Martinez at (520) 546-2730.
Source: RED Comp #12743 and #12744.