Six Tucson Apartment Communities Fetch $7.3 Million

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TUCSON, ARIZONA – In the midst of the COVID-19 crisis, the multifamily team of Allan Mendelsberg and Conrad Martinez of Cushman & Wakefield | Picor have closed on six apartment communities with an aggregate value of $7.3 million.

The Carlton Apartments at 4363 E 2nd Street in Tucson sold for $1.625 million ($45,139 per unit) in a seller carryback. Built in 1960, the 36-unit complex was partially renovated and 100% vacant when it sold on April 6, 2020. Buyer will be completing the renovation of the all one-bedroom units with pool and covered parking as amenities.

The buyer, Sunset Capital Partners and the seller, RGC Apartments, both of Tucson were represented by Mendelsberg and Martinez of Cushman & Wakefield Picor. To learn more, see RED Comp #7726.

Lester Student Housing Apartments at 638-642 E Lester Street in Tucson sold for $1.56 million ($71,000 per unit).  Built in 2008, the Lester Student Housing consists of three-two-story buildings with six units and 22 bedrooms. Units include a hot tub and off-street parking. The property was 100% occupied when it closed on March 27, 2020.

The buyer, Lester Apartments, LLC of Oro Valley, AZ and the seller, JEMS Investments, LP of Boulder Colorado were represented by Mendelsberg and Martinez of Cushman & Wakefield Picor. To learn more, see RED Comp #7696.

Casa Larga Apartments at 6590 E Golf Links Road in Tucson sold for $1.44 million ($40,000 per unit). Built in 1979, the 2-story buildings have a total of 36-units: with a unit mix of studios and one-bedrooms. Amenities include a pool and laundry room. Units are individually metered for electricity. The property sold with one vacant unit on April 3, 2020.

The buyer, Equilibrium Garden Park II, LLC of Tucson and the seller, 1990 Bennett Trust of Oro Valley were represented by Mendelsberg and Martinez of Cushman & Wakefield Picor. To learn more, see RED Comp #7718.

Mountain Shadows Apartments at 3053 W Anklam Road in Tucson sold for $1.16 million ($116,000 per unit). Built in 1960, the 10-unit, one- and two-bedroom units were 100% occupied when it sold on March 20, 2020.

The buyer, AZDA, LLC of Tucson and the seller, Wildcate Equitiies, LLC were represented by Mendelsberg and Martinez of Cushman & Wakefield Picor. To learn more, see RED Comp #7693.

Flowing Wells Apartments at 3521 N Flowing Wells Road in Tucson sold for $960,000 ($68,571 per unit). Built in 1964, the 14-units comprise one-and two-bedrooms. Twelve of the units have fenced yards and laundry facilities with small pets allowed. Property was fully occupied when it sold on March 31, 2020.

The buyer, AZDA, LLC of Tucson and the seller, Flowing Wells Apartments, LLC of Phoenix were represented by Mendelsberg and Martinez of Cushman & Wakefield Picor. To learn more, see RED Comp #7700.

Treat Apartments at 2237-2241 N Treat Ave. in Tucson sold for $535,000 ($69,125 per unit). Built in 1945, the 8-unit complex has one- and two-bedroom units as well as a single-family residence. The units are all individually metered for electricity. Property was fully lease when it sold on March 24, 2020 and buyer plans to completely renovate the property.

The buyer, Gould Family Properties VIII, LLC and Soulages Trust, both of Tucson were represented by Mendelsberg and Martinez of Cushman & Wakefield Picor. To learn more, see RED Comp #7690.

For more information on these transactions, Allan Mendelsberg should be reached at 520.546.2721 and Conrad Martinez can be contacted at 520.546.2730.

 

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