Nexpa Properties of Sausalito, CA (Kelsey and Jordan Gootnick members) purchased the Desert Atrium Apartments at 8750 E Cooper Street in Tucson for $1.69 million ($45,676 per unit).

Desert Atrium was built in 1972 and consists of a single two-story, garden-style apartment building situated on a 1.31 acre lot. The property has four different floor plans including two studios, (24) one-bedroom/one-bath, (10) two-bedroom/two bath units and one one-bedroom / one bath large deck unit, totaling approximately 28,256 rentable square feet.

The seller had done extensive interior & exterior renovations in 2013 and 2014 including: Major roof repairs including roof drains; Rebuilt second floor balconies Installed new irrigation and landscaping; Replacement of all iron railing bring them up to code; Pool decking, equipment and pool all brought up to code; Complete renovation of laundry room and all new equipment which is owner owned; Replaced 100 gallon water heater; Replaced 11 sliding door with French doors; installed security key card system; rehabbed 32 of 37 units new cabinets, tile and appliances.

The property is on the eastern part of town and situated 0.2 miles south of Broadway Boulevard, a major east-west arterial running through Tucson. The asset is conveniently located near many entertainment, retail and employment hubs including Saguaro Vista Shopping Center, Eastside City Mall, North mall Centre, University of Phoenix, St. Joseph’s Hospital, Cornerstone Hospital, Davis- Monthan Air Force Base, and Tucson International Airport.

Tony Reed of Long Realty represented the seller, Desert Atriums, LLC of Biddeford, ME and Allan Mendelsberg of Cushman & Wakefield | Picor represented the investor in the transaction.

To learn more Reed should be reached at 520.918.5189 and Mendelsberg can be contacted at 520.546.2721.

For more information see RED Comp #3216.

Multifamily continues to be a hot item for investors in Q2 2015 for Tucson and Phoenix. In metro Tucson, from March 1^st to June 17^th, 3,221-units were sold for an aggregate total of $129.41 million. The average price per unit in Q2 was $50,060 per door and a median price per unit of $39,423, according to data collected by the Real Estate Daily News and RED Comps.

VILLA DE LA PAZ APARTMENTS SELL FOR $4.9 MILLION

PHOENIX, AZ – Cushman & Wakefield of Arizona, Inc. completed the $4.9 million ($47,573 per door) sale of Villa De La Paz Apartments, 6041 W. Thomas Road in Phoenix.  The eight-building apartment complex was constructed in 1983 and contains 103-units totaling 82,701-square-feet ($59.25 PSF). The property currently boasts 90 percent occupancy.

Maryland Gardens Investors LLC of Phoenix purchased the property from Superior Estates LLC of Tumon, Guam.

“The buyer liked the characteristics of the property, and it fit within their 1031 requirement,” said Brett Polachek, Director in the Multifamily Advisory Group with Cushman & Wakefield. A 1031 exchange allows an investor to sell a property, reinvent the proceeds in a new property, and defer all capital gain taxes.

Polachek and Jim Crews of Cushman & Wakefield successfully marketed the property for sale and represented the seller, Superior Estates. The buyer was represented by Tony Werstler of Solutions Real Estate.

CASA MARIN APARTMENTS IN TUCSON SELL FOR $2.13 MILLION

TUCSON, AZ – Casa Marin Apartments recently sold for $2.125 million ($29,514 per door) to an investor from Reno, NV, Chrisi Gardens, LLC, (Chris Ioannakis, manager).

The seller, Casa Marin, LLC of Mill Valley, CA (Peter Sorensen, manager) and the investor, were represented by Hamid Panahi of Marcus & Millichap in Phoenix.

The 72-unit complex was built in 1981 and is located at 438 East Prince Road in Tucson at the southwest corner of Prince Road and Los Altos in Tucson.

For additional information see RED Comp #2963.

FRESNO APARTMENTS IN CHANDLER SELL FOR $732K

PHOENIX, AZ – Fresno Apartments recently sold for $732,000 ($36,000 per door) to Epicenter Holdings, LLC. The seller, Mehmed Kozlika, was represented by Chip Kloppenburg of Sperry Van Ness, LLC.  The buyer was represented by Cass Stephens of S.J. Fowler.

Fresno Apartments is located at 275 N. Fresno in Chandler, AZ., with 20-units, and located only minutes east of N. Arizona Ave, just north of Chandler Blvd.

“This sale of Fresno Apartments is a key example of when the deal closes and both the seller and the buyer walk away happy,” Kloppenburg stated.

MOHAVE GARDENS APARTMENTS IN TUCSON SELL FOR $650K

TUCSON, AZ – Mohave Apartments recently sold for $650,000 ($27,083 per door) to a Beverly Hills investor, Richard Neal Mills Trust. The seller, Ricardo and Sheryl Robinovich, also of California, and investors were represented by Allan Mendelsberg of Cushman & Wakefield | Picor in Tucson.

Mohave Apartments has a mixture of one- and two-bedrooms and a total of 24-units. Located at 126 E Mohave Road in Tucson, the property is located just east of Stone Avenue.

“The property sold stabilized with only one or two vacancies in this all cash transaction,” Mendelsberg said.

For additional information see RED Comp #2995.

[mepr-show rules=”58038″] Mohave Gardens sold 6/15/2015 in an all-cash transaction. Property sold with an estimated $15,000 in deferred maintenance that was mostly for the parking lot resurfacing. Unit mix was (8) 1-bedrooms and (16) 2-bedroom units. Property sold at a 6.5% cap rate.

Casa Marin Apartments sold 6/1/2015 with $630,000 down and the balance financed with a conventional loan.

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Cushman & Wakefield | Picor Multifamily Market Snapshot Q1 is reporting positive absorption and growth in all the important statistical categories for the Tucson multifamily market. Tucson apartments vacancy rates (averaging 8.5%) and average rents ($10.56 PSF) continue to see positive gains, while Tucson continues to generate significant investor interest due to low interest rates and high cap rates averaging 8% and more. To see the full Q1 2015 multifamily report CLICK HERE.

In the first week of May, nine transactions with an aggregate of 220 units totaling $5.88 million have been transacted with many brokers reporting ‘multiple offers’ being received and ‘high interest’ repeatedly for ‘value-add’ properties.

The following sales took place from April 30 to May 7^th scattered throughout most of the area submarkets.

EASTERN SUBMARKET
Investors from Burbank, California (Erlinda & Ameline Laking,members) purchased the Monterey Gardens Apartments at 1039 N Alamo Avenue in Tucson for $2 million ($37,736 per unit / $47 PSF) The 53 unit apartment community built in 1970, is located in the Wilmot Desert Estates. Large floor plans (20) 675-square-foot 1-bedroom units, (24) 950-square-feet 2-bedroom units and (8) 3-bedrooms. Recent capital improvements include exterior paint, landscaping, roof, resurfaced parking lot and new plumbing and power transformer installed. The majority of the units were recently remodeled. Amenities include a pool. David Walsh of Realty Executives Tucson Elite handled the transaction and should be reached at 520.591.1736 to learn more. Also see RED Comp #2861 for additional information.

CENTRAL SUBMARKET

Victoria Arms Apartments at 1518 E Hedrick Drive in Tucson sold to investors from Castle Rock, Colorado for $1.025 million ($40,800 per unit / $53 PSF). The single story, 25-unit complex, built 1975, has (24) 2-bedroom and one 1-bedroom apartment units. Amenities include individually fenced yards, a rental office on-site and lush landscaping. Mick Cluck, CCIM, with Coldwell Banker of Tucson represented the seller, Deep Water Investments of Reno, NV and said there was “high interest in the property from multiple buyers”. Cluck can be reached at 520.349.3533 to learn more. Jo Roberts with Long Realty in Tucson represented the investors in this 1031 exchange and should be contacted at 520.886.7500. Tucson Realty & Trust will be managing the property. Also see RED Comp #2874 for additional information.

DLGS JAK Properties of Phoenix (Pat Stoiak, manager) bought the Palo Verde Terrace Apartments at 3493 E Lind Road in Tucson for $750,000 ($14,423 per unit / $27 PSF) from Mental Health Resources. The 52-unit apartment complex was vacant and sold vacant with deferred maintenance. It was not on the market when sold. Allan Mendelsberg, Investment Specialist with Cushman & Wakefield | Picor handled the transaction and can be reached at 520.546.2721 to learn more. Also see RED Comp #2871 for additional information.

Local investor, Stak Properties (Kristi Verdugo) purchased the 14-unit multifamily complex at 2620 N Stone Avenue in Tucson for $317,500 ($22,607 per unit / $42 PSF). Built in 1948, the property has six 1-bedroom apartments, and 8 freestanding casitas and was fully leased when it sold. Chuck Corriere with Keller Williams in Tucson represented the sellers, Milton & Lorna Nunn of Washington, and can be reached at 520.400.9811 to learn more. Arthur Verdugo III with Tierra Antigua represented the investors and is at 520.544.2335. See also RED Comp #2857 for additional information.

WESTERN SUBMARKET

With seven multiple offers, Wildcat Equities of Tucson (Brandon Matheson,member) purchased Mountain Shadows Apartments at 3053 W Anklam Road in Tucson for $325,000 ($32,500 per unit / $51 PSF). A 10 unit complex, (7) 1-bedroom and (3) 2-bedroom units had the majority of the units upgraded with new kitchens and tile floors. Amenities included a swimming pool and laundry on property and each unit has spacious backyards and desert landscaping. Allan Mendelsberg, Investment Specialist with Cushman & Wakefield | Picor handled the transaction and can be reached at 520.546.2721 to learn more. See also RED Comp #2869 for additional information.

NORTHEAST SUBMARKET
An affiliate of Equity Partners of Tucson bought the Monte Vista Apartments at 4001 & 4015 E Monte Vista Drive in Tucson for $650,000 ($20,313 per unit / $46 PSF). Built in 1978, the (32) Jr. 1-bedroom units have A/C, mature landscaping, pool, picnic area and laundry facilities on-site. The property sold 85% occupied. Tony Reed with Long Realty represented the seller, Jarbun Properties of Irvine, CA (Dean Rathburn, officer) and should be contacted at 520.918.5189 to learn more. Sofonias Astatke with Equalibrium Realty represented the buyers in this 1031 exchange. Astatke can be reached at 520.250.8977. See also RED Comp #2872 for additional information.

Tucson investors, Eric Layton and Eli Halif purchased Alernon Way Apartments at 2457 N Alvernon Way in Tucson for $157,500 ($17,500 per unit / $30 PSF) in an Estate Sale. The property consists of a 9 unit apartment complex near Alvernon Way & Grant Road, built in 1950. At time of sale 8 units were rented and one was vacant. Peter Canacakos of Long Realty in Tucson handled the transaction for seller, The Londer Trust of Tucson. Canacakos should be reached at 520.918.4831 to learn more. Also see RED Comp #2876 for additional information on this transaction.

SOUTHERN SUBMARKET
Local investors (Gabriel Reina, member) purchased the Elvira Apartments at 320-326 E Elvira in Tucson for $230,000 ($17,692 per unit / $26 PSF) in a recent REO sale. The distressed property with thirteen units consisted mostly of two-bedrooms and sold with deferred maintenance. Allan Mendelsberg, Investment Specialist with Cushman & Wakefield | Picor represented the seller and Eddie Watters with Realty Executives Tucson Elite represented the investors. Mendelsberg can be reached at 520.546.2721 to learn more and Watters is at 520.877.4940. For additional information see RED Comp #2889.

Green Valley investors, Apero Properties (Mark & Kimberly Schmidt) bought the 12-unit multifamily complex at 351 and 401 W Apero Drive in Green Valley for $420,000 ($35,000 per unit / $49 PSF). The property consists of 12 apartment units, in four buildings built in 1966 and 1979. The seller was also from Green Valley, The Heinemann Family Trust ( Kenneth Heinemann, trustee). For additional information see RED Comp #2826.