TUCSON, AZ (September 5, 2024) – St. Michael’s Apartments at 5349 E Ferry Drive in Tucson sold for $1,050,000 ($65,625 per unit / $129.92 PSF).
Built in 1956, the property was sold as a value-add opportunity with plenty of upside potential and below-market rents. The 16 units comprise (15) one-bedroom / one-bath and (1) two-bedroom / one-bath units. Each unit has a private backyard on a gated fenced lot, and there is a laundry facility on-site. The buyer plans to update the units.
The asset closed on August 27, 2024.
Allan Mendelsberg and Joey Martinez, Principals with Cushman & Wakefield | PICOR, represented both the seller, Costich-Hutter, LLC of Tucson, and the investor, Sunflower Properties AZ, LLC of Newport Beach, CA.
For more information, Mendelsberg can be reached at 520.546.2721, and Martinez is at 520.546.2730.
To learn more, see RED Comp #11456.