Three Central Tucson Apartments sold recently for $1.59 Million in three separate transactions to value-add investors:

Oakwood Terrace Apartments at 2740 N Balboa Avenue in Tucson sold to a value-add investor for $915,000 ($16,053 per unit). The 57-unit complex is a single story complex, built 1963. The seller had purchased the property at a foreclosure auction sale and held it for a month before reselling.

Located in North Central Tucson, near Oracle and Grant Road, the unit mix is 12 studios, 44 one-bedroom and 2 two-bedroom units. Amenities include a pool, and laundry facility and each apartment is individually metered with a private fenced yard, full electric kitchen and air conditioning.

Pinnacle Realty Investors, LLC of Tucson (Jarrett Reidhead, manager) was self-represented in the transaction. The buyer, 18Teen Jak Properties, LLP of Tacan, AZ was represented by Allan Mendelsberg with Cushman & Wakefield | Picor of Tucson.

To learn more Reidhead can be reached at 520.331.8050 and Mendelsberg should be contacted at 520.546.2721.

For additional details see RED Comp #3284.

Alturas Apartments at 115 E Alturas in Tucson sold for $325,000 ($25,000 per unit). The 13-units are studios with one two-bedroom unit in a 4,350-square-foot building, built in 1949.

Located in North Central Tucson near Amphi High and Middle School, the property has recently undergone capital improvements such as roof recoating and tile flooring in some of the units.

The seller, The Mitsios Trust was represented by Edgar Watters with Realty Executives Tucson Elite in Tucson and the buyer, Monteer Properties of Tucson was represented by Allan Mendelsberg with Cushman & Wakefield | Picor.

To learn more Watters can be contacted at 520.877.4940 and Mendelsberg should be reached at 520.546.2721.

See also RED Comp #3280 for further details.

4640-4648 E Fairmount Street, Tucson sold for $350,000 ($50,000 per unit). The 7 units comprise 6-one bedroom units rented at $450 per month, and 1-two bedroom home rented at $600 per month, plus a separate office which could be converted into an additional one-bedroom unit.

Centrally located, at Swan & Fairmount, the property is near major bus lines. The 4,200-square-feet is in three buildings, built circa 1954. The seller was John Yacks of Marana, AZ and the buyers, Daniel and Jana Wells.

Maureen & Craig Thompson with Integra Group Real Estate of Tucson represented both buyer and seller.

To learn more the Thompsons can be reached at 520.256.6117.

For additional details, see RED Comp #3251.

1800 North Stone, LLC of New York, NY (Oliver Swan) a joint venture with Texla Housing Partners of Texas purchased the student apartments at 1800 N Stone Ave in Tucson for $6.725 million ($98,897 per unit) or $30,022 per bed.

Known as Stone Avenue Standard, the 68-units and 224-beds units is 96,603-square-feet in five buildings (built 2003) on 3.53 acres.

Located only 1.5 miles to the University of Arizona Campus. The units consist of two-, three- and four-bedrooms units. Amenities include a new private shuttle service and property upgrades such as a 24-hour resident lounge, surround sound in the pool area and more. Apartments include individual leases, washer & dryers, high speed internet, and cable with all utilities (except electricity) included.

Texla Housing Partners will also manage the property. There were no brokers involved.

In a separate transaction, a second property serving the UA student housing market, University Manor student apartments, sold for $2 million ($34,483 per unit). The58-unit property is located 5 blocks from the University at 742 East Lee Street in Tucson.

The 20,104-square-feet in three buildings (built 1978) on 1.48 acre had recently been refurbished. Amenities include extensive parking, high speed internet, pool, laundry facilities and a leasing office.

The unit mix consists of (56) studios and (2) 1-bedroom units that sold 98% occupied.

The seller, DLG Manor of Tucson (John Delorenzo, manager) was represented by Tony Reed of Long Realty in Tucson. The buyer, 742 E Lee Street, LLC (Paul Walshaw, manager) was represented by Jarrett Reidhead of Tucson Integrity Realty, who is also a principal in the buying entity.

To learn more Reidhead can be reached at 520.331.8050 and Reed should be contacted at 520.577.7400

The vacant former site of International School of Tucson (IST) located on the southeast and northeast corner of Lester Street and First Ave in Tucson sold for $832,500 ($100 PSF) for redevelopment. The buyer, Pinnacle Realty Investors LLC of Tucson (Jarrett Reidhead, managing member) is an experienced real estate investor and broker who sees the potential of the property for student housing.

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[mepr-show rules=”58038″]The property has 3,814 sq. ft. in two buildings (built 1953) on a 33,583 sq. ft. lot at the southeast corner, 711 & 715 E Lester Street, and two approximately 2,200 sq. ft. buildings (built 1972) on a 22,491 sq. ft. lot at the northeast corner, 1724 & 1730 N 1st Ave. The buyer expects to redevelop the property into multifamily rental units of some type.

The prior tenant, IST, is a private school offering language immersion programs from pre-school to grade 5 instruction in Chinese / English, French / English, German / English and Spanish / English for 110 students. IST got its start at this location occupying both sides of the street before IST was able to lease Jefferson Park School at 1701 E Seneca Street, from Tucson Unified School District (TUSD) in 2012, as a private and not a charter school.

The sellers were several investment groups all managed by Steven Denny, a local real estate investor and broker.

Reidhead with Tucson Integrity Realty of Tucson and Denny with Spring Mill Properties were both self-represented in the transaction.

Reidhead can be reached at (520) 331-8050 and Denny should be contacted at (520) 617-0510. [/mepr-show]

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[ismember] The transaction took place in four documents. On 7/1/2013, 3,814 SF on a 15,708 SF lot at 1724 & 1730 N 1st Ave sold for $257,500. On 8/12/2013 there were three other documents from 3 different selling LLCs: Hillcrest, LLC sold 2,340 SF on 11,250 SF lot at 715 E Lester Street for $180,000. Lookout Properties, LLC sold 2,147 SF on 11,241 SF lot at 711 E Lester Street for $165,000. Then Hillcrest and Lookout Properties jointly sold a 17,874 SF vacant lot being used as a parking lot at 720 & 726 E Lester Street for $230,000. The buyer reported that these transactions were all negotiated together and were purchased with a private loan with zero down.[/ismember]