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Colonia de Tucson Apartments at 1331-1335 West St. Mary’s Road in west Tucson sold for[mepr-show rules=”58038″]$2.38 million ($28,000 per unit). The seller was a private investment group out of Indiana.

Colonia de Tucson is a two-story apartment community built in 1983, comprising 84-units. The unit mix is approximately 52% one-bedroom and 48% two-bedroom units. Construction is of wood and painted stucco, with built-up roofs. Common amenities include a swimming pool, outdoor barbeques, two laundry facilities and 107 open parking spaces. Unit amenities include walk-in closets for the one-bedroom units. The property has a designated leasing office.

Colonia de Tucson is a combination of two adjacent properties, but are managed together and treated as one property. Recent exterior renovations were made to Colonia de Tucson Colonia de Tucson Apartments prior to sale. Colonia de Tucson is also convenient to public transportation, with bus service provided along St. Mary’s Road.

Several neighborhood shopping centers, parks, churches and public facilities are located within one mile of the property. The University of Arizona and Pima Community College West campus are all located within easy driving distance. St. Mary’s Hospital, a major source of employment, is one-half mile west of the property.

Natan Jacobs of the Vestis Group when asked ‘why here’ commented, “His buyer just wasn’t able to find what they wanted in the Phoenix inventory, so they moved on to Tucson and are looking for more investments in Southern Arizona.”

Bill Hahn, Trevor Koskovich and Jeffrey Sherman of Colliers International in Phoenix represented the seller. Natan Jacobs and partner, Les Litwin of the Vestis Group in Phoenix represented the buyer.

Hahn can be reached at (602) 222-5105, Koskovich is at (602) 222-5145, and Sherman at (602) 222-5109. Jacobs and Litwin should be contacted (602) 387-5330.[/mepr-show]

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[ismember]Sale date 7/10/2013. Recent renovations ATOS included: new playground, basketball court, trash cans, mailbox enclosures, fencing, paint, roofs, A/C’ s, signage, landscaping, slurry and striped parking lot, security cameras, ramadas, pool area with shading and furniture. Property sold at an 8.9% cap based on an NOI of $211,200 at time of sale, with 4-5 units vacant.   [/ismember]

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NBA player, formerly with the Phoenix Suns and more recently the Brooklyn Nets, Josh Childress, purchased through a private investment firm Franklin Street Partners of North Carolina, the Casa Grande Village Apartments at 5950 S Park Avenue in Tucson.

The 52-unit complex was 90% occupied at time of sale; 79% were two-bedroom and 21% one-bedroom units. The property was reportedly well maintained and sold for[mepr-show rules=”58038″]$1.48 million ($28,500 per unit) or $42 PSF for the 35,456 sq. ft. complex (built 1986) in five two-story buildings on 2 acres. Located in the southern part of Tucson at Park Ave and Mossman, the property is near I-19, the Tucson Airport, Hughes Aircraft Co., and Desert Diamond Casino.

Property amenities include two onsite laundry rooms, a playground, patios and balconies, ceramic tile floors, individual heating and air conditioning, and dishwashers in select units.

Franklin Street Partners, an asset manager since 1990, provides independent, strategic and highly personal advice to clients with high standards of professionalism, fiduciary responsibility and discretion. Investment clients run the range of endowments, foundations and other sophisticated institutional investors, as well as families and individuals with significant portfolios who require a more comprehensive solution.

Cohen Financial of Phoenix financed the sale.

North Star Management and Consulting in Tucson has been retained by the new owner for leasing and property management.

The multifamily team of Bill Hahn, Jeff Sherman, and Trevor Koskovich of Colliers International in Phoenix handled the transaction for seller, Westmoreland Apartments, LLC of Tucson and investor.

Franklin Street Partners can be reached at (919)489-2600. Cohen Financial is at (602) 381-3700. North Star Management should be contacted at (520) 885-8590. Hahn, Sherman and Koskovich at Colliers should be contacted at (602) 222-5000.[/mepr-show]

[ismember]Market time was 90 days and a 30-day close. Buyer paid $454,000 (30%) down and financed the balance with Cohen Financial. GPI ($334,440) with 1-bedroom units renting at $465/ month and 2-bedrooms renting at $555/month (average rent $536) and was 10% vacant at time of sale ($33,444) with operating expenses annualized at $132,400 and $300 per unit reserves ($15,600), the property sold with an NOI of $148,000 or approximately a 10% cap rate based on income at time of sale.[/ismember]

Two Apt deals at year end sold for a combined total of $1.13 million. The Casa Verde Apartments and the Crestview Apartments in Tucson closed one day apart.

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The Casa Verde Apartments at 2602 N 14^th Avenue in Tucson sold for $600,000 ($26,000 per unit) to a Californian investment group, Maximum Management Corporation of Beverly Hills, CA (Rick Sparks).  The property is situated in Central Tucson on the northeast corner of Jacinto Street and 14th Avenue, just west of Oracle Road, a major thoroughfare in north Tucson.

The two-story apartment community built in 1963, comprises 23 rental units. The unit mix consists of all one-bedroom units at approximately 567 square feet each. All units are rented unfurnished. Construction is of block with pitched roofs. The property is individually-metered for electricity with the costs of heating and cooling falling under the responsibility of the residents. Cooling is provided by evaporative coolers in 11 units, and the rest are provided by individual air conditioning units.

Outdoor amenities are limited to open parking spaces for residents. There are approximately 40 parking spaces. There is also a laundry facility on-site and secured gated access to the property. Landscaping at Casa Verde Apartments is minimal, allowing for mitigated operating expenses for the ownership.

The building at Casa Verde Apartments is constructed on two sites comprising approximately 0.72 acres, at a density of 31.94 units per acre. The building provides 13,041 rentable square feet.

The property was 96% occupied at time of sale.

The seller Creative Commercial Investments of Glendale, AZ and the investor were represented by Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers International in Phoenix.

In a separate transaction one day later, Crestview Apartments at 4350 E Fairmount St. in Tucson sold to Gum Shree, LLC (Rosemary Koberlein) of Tucson for $530,000 ($40,800 per unit). The 13-unit apartment complex was constructed in 1963 and consists of 10,010-square-feet on a 36,000-square-foot lot.

The property is situated in Northeast Tucson on the southeast of the corner Columbus Blvd and Fairmount Street, just west of Swan Road.

Tony Reed of Long Realty in Tucson represented the seller, Fiesta Properties of Tucson and Roger Breckenridge also with Long Realty in Tucson represented the investor.

The Koskovich, Hahn and Sherman team can be reached at (602) 222-5000. Reed should be contacted at (520) 918-5189, Breckenridge can be called at (520) 918-5813.

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[mepr-show rules=”58038″] Sale date of Casa Verde Apartments: 12/26/2013. This was the buyers upleg in a 1031 exchange from a California property. The buyer paid $316,777 down. Market time was approximately 100 days. Property sold at an 8.5% cap rate. APN: 107-09-011A.

Sale date of Crestview Apartments: 12/27/2013. All cash transaction. Unit mix: 6 one bedrooms, 6 two bedrooms and one studio. Property sold at an 8% cap rate. APN 122-12-061.[/mepr-show]