Ridgewood Gardens sells for $11.3 M in Tucson Arizona
TUCSON, Arizona – There is no stopping SVN Desert Commercial Advisor multifamily advisor, Danny Lee. He has been a staple in the multifamily market for over a decade and continues to close transactions all over the valley. He represented the buyer in the $11.3 million ($66, 100 per unit) sale of Ridgewood Gardens in Tucson, AZ.
The multifamily property is located at 3302 S. Pantano Rd. The 171-unit complex is only ten minutes away from The University of Arizona and surrounded by a great trade area just north of the property along E Broadway and E Speedway Boulevards. The buyer Lilly Tucson Investments, LLC was a 1031 exchange buyer that was seeking a better return of his investments in the Tucson market. “The seller and buyer were extremely diligent during the entire transaction,” said Lee.
The 148,494-square-foot property will be working on some upgrades by installing separate water meters to individual units to reduce water usage. This will help in the efforts of boosting the operating income as well. This sale concludes the final property sale in Arizona by seller, Ridgewood USA, LLC. The transaction was closed less than 90 days and sold with a Cap Rate of 5.25% on current operation.