TUCSON, Arizona – The Marcus & Millichap Real Estate Investment Services Team of Hamid Panahi, Steve Gebing and Cliff David closed on the Sunflower Apartments at 6502 E Golf Links Road in Tucson for $6.67 million ($46,300 per unit).
The seller of the 144-unit complex was GR Partners Sunflower, an affiliate of GR Capital of Colorado. The buyer, Veterans Parkway of California is a private investor. The property was built in 1983 on 4 acres and was 96% occupied at time of sale.
“Since acquiring the property in 2015, the ownership invested capital towards exterior and interior enhancements, improving the presentation of the property while simultaneously minimizing the future capital cost exposure for the new owner,” said Panahi. “The buyer benefits from adding to their existing footprint within the submarket, while benefiting from operational efficiency.”
Sunflower is a gated community in the Eastern submarket of Tucson. Some of the Community amenities include: fitness center, pool & spa, sports court, playground, reserved covered parking, barbecue grills, 24-hour laundry, 24-hour emergency maintenance.
Unit amenities include: individual A/C units, vaulted ceilings, garbage disposals, dishwashers, electric stoves, and free Wi-Fi in unit.
For more information Panahi, Gebing and David can be reached at 520.719.6511 in Tucson.
To learn more, login and see RED Comp #5263.
[mepr-show rules="58038"]Sale date: 10/4/2017. Sale price: $6,668.800 with $3,318,000 down. Document #2017-2770554. Property sold at a reported 5.83% cap rate.[/mepr-show]