Alpine Chalet Apartments at 746 East 5^th Street in Tucson sold for $2.05 million ($73,214 per unit) to a California investor, The Spot on 5^th LLC (Victor Silver, manager).

Bob Kaplan with Marcus & Millichap of Denver Colorado represented the seller, Alpine Chalet Apartments LLC of Tucson (Paul Kahn, manager). Kaplan marketed the 28-unit property as a student housing opportunity located across the street from the 40,000 student University of Arizona, in the Historic West Campus area.

The 18,260-square-foot property consists of three, two-story-buildings built in 1964 that were renovated in 2012. The unit mix consists of 68% one-bedrooms, 29% two-bedroom units and one three-bedroom units.  Property was 95% occupied at time of sale.

Community amenities include a heated pool, on site laundry owned by property, a quiet central courtyard, and a gated secure access. Unit amenities include vaulted ceilings on second floor units, ceiling fans, mini blinds, and individual HVAC units.

Bob Kaplan and Richard Bird with Marcus & Millichap in Denver represented the seller and Tony Reed with Long Realty in Tucson represented the investor in the transaction.

For more information, Kaplan can be reached at 303.328.2034, Bird is at 303.328.2000 and Reed should be contacted at 520.918.5189.

To learn more, see RED Comp #4104.

Villa Pacifica Apartment at 4650 E 29^th Street in Tucson was purchased by AWI VP, LLC an affiliate of Sullens & Associates of Scottsdale, AZ (Jordan Fisher, manager) for $5.48 million ($31,136 per unit). Property sold as a value-add transaction.

Built in 1986, Villa Pacifica is 10 buildings on 4.46 acres, all two and three level apartments with a good mix of 176—units in one-, two- and three-bedroom units.  The 112,749-square-feet construction is wood frame and stucco with balconies, Spanish tile pitched roofs and pleasant landscaping and courtyards.  The property has seen improved operating fundamentals in 2015 after management began addressing deferred maintenance issues, cleaned up.

The seller, Villa Pacifica Apartments of Sherman Oaks, a private investor, had owned and operated the property for over 10 years and while being well maintained, the property has not been updated and will benefit from more aggressive management.

Common areas including the club room, leasing office, laundry room, pool area and workout room were clean but dated. Unit interiors also need some moderate upgrades to light fixtures, ceiling fans and other amenities. The efforts to update property will help to raise rents, improve occupancy and improve cash flow. Due in part to the owner addressing some deferred issues in the past six months, the property has seen improved occupancy and net operating income and sold with 85% occupancy.

Located at the intersection of 29th Street and Swan Road, Villa Pacifica is well located in the center of Tucson. Nearby employment centers include Park Place Mall, Car dealerships and retailers along 22nd street and Broadway, Davis Montham Air Force Base, The Williams Center office buildings and more.  Nearby attractions include El Con Mall and Park Place Malls, Reid Park, Randolph Park Golf Course, Reid Park Zoo and University of Arizona Athletic events.  Major shopping centers are located on 22^nd Street one half mile north of the property and along Swan Road.

Bob Kaplan with Marcus & Millichap of Denver represented the seller in the transaction.

For more information, Kaplan should be reached at 520.271.2304.

To learn more, see RED Comp #4038.

California Investors, Equity Advantage, Inc., in a 1031 exchange bought the value-add La Mirada Apartments at 4415 E Grant Road in Tucson for $9.41 million ($46,816 per unit) in Northeast Tucson.

The 192,440-square-feet, two-story apartment community built in 1973, comprising 201 rental units and was 75% occupied at time of sale. The unit mix is approximately 92% two-bedroom, and 8% three-bedroom units. Construction is of block, with built-up roofs. Heating and cooling is provided by individual ground-mounted HVAC units. The utility costs associated with heating and cooling are the responsibility of the tenant. The property is individually-metered for electricity, and the costs associated with usage inside the dwelling units are the responsibility of the tenant. Hot water is provided by solar powered heaters with a back-up commercial boiler. The property also contains a cell tower that does not convey with the property.

The property is situated on the north side of Grant Road, a major east-west thoroughfare of Tucson. Several schools are located within a one mile radius of the property including John B. Wright Elementary, Dodge Middle School and Catalina High School.

Tucson –based Grindstone Property Management will manage the community for the new owner.

Bill Hahn, Jeffrey Sherman and Trevor Koskovich with Colliers International in Phoenix represented the seller, 4415 East Gant Road LLV (Chris Monson) or Tucson.

Joe Chaplik of Joseph Bernard Investment Real Estate of Portland, Oregon represented the buyer.

Hahn can be reached at 602.222.5105, Sherman is at 602.222.5109, and Koskovich can be contacted at 602.222.5145. Chaplik can be connected with at 503.546.9390.

To learn more see RED Comp #3452.

In a separate transaction, the Bellevue Tower Apartments at 3710 E Bellevue Street in Central Tucson sold for $4 million ($44,444 per unit) to another California investor, Bellevue Towers Tucson, LLC in a 1031 exchange.

New to the market, Bellevue tower is a unique infill apartment property located in central Tucson just 2 miles east of the University of Arizona and north of Speedway Blvd, one of Tucson’ s main throughways. The 96,288-square-foot property is a combination of a 4 story elevator served tower, two buildings of two story garden style flats and two buildings of townhome style 2 story units. It is built with sturdy block construction and well maintained. Bellevue offers some of the largest unit sizes in the submarket and some of the largest units in Tucson with an average unit size of 1,070-square-feet. With large unit sizes and only 12 one bedroom units the property caters to families, and has many long term tenants and a relatively low tenant turnover rate.

The property sold stabilized with a 96% occupancy.

Bob Kaplan and Brandon Kramer with Marcus & Millichap in Denver represented the seller, Olympic View Properties of Washington.

The buyer was represented by Alex Garcia with Marcus & Millichap in Ontario, California.

Kaplan should be reached at 520.271.2304 and Kramer is at 605.390.1248.

To learn more see RED Comp #3416.