Stone Leaf Villas and Bellevue Apartments Sell for $1.89 Million

Stone Leaf Villas
Stone Leaf Villas

Stone Leaf Villas, a 60-unit apartment complex at 334 West Valencia in Tucson commanded a sale price of $1.25 million ($20,833 per unit). Purchased by 334 Valencia Tucson, LLC (Kerry Seidenglanz) of San Diego, Stone Leaf’s unit mix consists of 2- and 3-bedroom units, with the majority being 3-bedrooms in 53,768 square-in nine buildings (built 1961) on 3.6 acres.

Located in Southwest Tucsod, amenities of the garden–style apartment include a playground, controlled access, laundry facility, ADA access, 24-hour maintenance, a basketball court, on-site management, swimming pool, volleyball court, and pet friendly property. Apartment amenities include air conditioning, patio or balcony, water sewer trash included in rent, carpeted and tiled floors, widow covering, extra storage and walk-in closets  The property was at 84% occupancy at time of sale.

Allan Mendelsberg, Investment Specialist with Cushman & Wakefield | Picor represented the investor and the seller, The Gould Family Properties VIII, LLC (Wayne Gould) of Charlotte, NC.

[mepr-show rules=”58038″]Sale date: 12/31/2013. All cash. Broker reported property sold on a price per unit basis with deferred maintenance estimated to be about $300,000[/mepr-show]

Bellevue Apartments
Bellevue Apartments

SVP Holdings of New York (Sunny Patel) recently closed on Bellevue Apartments, a 20-unit apartment complex at 3414 E Bellevue in Tucson for $642,000 ($32,100 per unit). Located in Central Tucson, the property is west of Palo Verde on Bellevue Street in Tucson.

Built in 1955, the 11,766 square-feet is in seven buildings and consists of all one-bedroom units on .75 acre. It had undergone interior and exterior renovation in the past 18 months and sold with many capital improvements, including ne air conditioning units

The property as historically high occupancy and sold 80% occupied at time of sale. Private financing was assumed by the investor in the transaction.

Allen Mendelsberg, Investment Specialist with Cushman & Wakefield | Picor represented both investor and the seller, 1519, LLC of Tucson (R. Kupinski).

Mendelsberg should be reached at 520.546.2721 for more information.

[mepr-show rules=”58038″]Sale date: 12/31/2013.  Buyer put $139,220 down and financwed the balance with private lender at 6.5% interest for a 5-year term.Based on seller’s trailing 12 –months, property sold at an approximate 10% cap rate.[/mepr-show]