Tucson, Ariz. (October 19, 2023) - Twenty-four two-bedroom / one-bath units, in two-story buildings at 3234 E Bellevue Street in Tucson sold for $2,917 million ($121,541 per unit).
Amenities include a pool and onsite laundry; all units have fenced patios or balconies. Built in 1979, the property had 92% occupancy when sold and an average current rental rate of $850/month.
The buyer, Wetton Investment Properties c/o Doug Wetton of Costa Mesa, CA, plans to rehab the property and reposition it more for student housing. This is the second multifamily asset for the buyer in Tucson, who also owns College Town Tucson Apartments at 1300 E Fort Lowell Road.
The seller purchased the property in March 2004 for $1,065,000.
Dan Wesson with The Waterfall Group represented the seller, a family trust from San Diego, CA. Wesson can be contacted at 520.529.6400, for more information. The buyer was self-represented.
To learn more, see RED Comp #10916.