Cali Investor Buys University Manor for $4.25 M

University Manor, 1525 N Euclid Ave., Tucson, AZ

TUCSON, ARIZONA — A California investor bought University Manor Apartments at 1525 N Euclid Avenue in Tucson for $4.25 million ($73,276 per unit) from 742 E Lee Street, LLC (Jarrett Reidhead, manager).

The property was purchased by the seller in July 2015 for $2 million to renovate at a cost of $600,000. The four two-story buildings remodel was complete in 2016 on the 58-unit apartment complex, located less than 5 blocks to the University of Arizona, and sold fully leased through July 2018.

Each unit has new hardwood cabinets, granite counter tops, porcelain tile, paint, dishwasher, microwave & electrical fixtures installed in the renovations of 2016. New Clubhouse with leasing office and laundry room built in 2016. New block walls and metal gates installed 2016. Swimming pool, turf, and landscaping updated 2016.

Jarrett Reidhead with Tucson Integrity Realty handled the sale for the sellers and Glen Beer with Keller Williams of Santa Monica, California represented the buyer, Next Door Apartments – Tucson, LLC (H.Scott Cohn, manager).

For more information, Reidhead should be reached at 520.331.8050 while Beer can be contacted at 310.890.7700.

To learn more, see RED Comp #5084 and #3163 for prior transaction; see also Red Listing Registry for more properties like this one.

 




Long Realty Negotiates $3.5 Million in Four Tucson Multifamily Properties

725 E 10th St., Tucson AZ

TUCSON, Arizona — High demand in the Tucson multifamily market saw cap rates tick up slightly this quarter by 2.57%; from a Q1 average of 8.55% to a Q2 average-to-date of 8.77% based on all multifamily property sales. There doesn’t seem to be any slowdown in sight as sales volume remained about the same quarter to quarter.

Sales this month negotiated by Tony Reed at Long Realty include these four transactions with an aggregate of 67-units and $3.5 million.

Phoenix investors, Christopher & Kathleen Dimitruck bought the multifamily property at 725 E 10th Street in Tucson in a $1.35 million ($79,412 per unit / $130 PSF) sale. The 17 railroad housing style units were built in 1921 of brick construction on .69 acres. The property is in the Central submarket, within 4 blocks of the University of Arizona. Unit mix consists of (9) Studios and (8) 2-bedroom units.

Tony Reed with Long Realty in Tucson represented the seller, First Tucson LLC of Boston, MA (Phil De Normandie). Benjamin Lair with My Home Group represented the buyers.
To learn more, see RED COMP #4946.

2340 E 8th St., Tucson, AZ

Reed represented First Tucson LLC also in the sale at 2340 E 8th Street in Tucson, in the Sam Hughes Neighborhood, for $737,500 ($81,944 per unit / $129 PSF) to California investor, Robert Bujarski of Encinitas CA. The nine units consist of seven 1-bedrooms and two 2-bedrooms in 5,735-square-feet (built in 1928) on 1.22-acres in the Central submarket.

Robert Redding with Centra Realty in Tucson represented the buyer in the transaction while Reed was the listing agent.

To learn more, see RED Comp #4854.

3653 E 2nd St., Tucson, AZ

AZ Commons LLC of San Diego, CA (Kevin Easterly, manager) purchased a value-add multifamily property at 3653 E 2nd Street in Tucson for $1 million ($33,333 per unit / $43 PSF). The 30-units in 23,324-square-feet were built in 1978 on .84 acres in the Central submarket. Unit mix consists of thirty 1-bedroom units with covered parking, pool and A/C.

Chuck Corriere with Keller Williams of Southern Arizona represented the seller, Ramiro and Arcella Valencia of Tucson and Tony Reed with Long Realty represented the buyer in this transaction.

To learn more, see RED Comp #4931.

The Phillip and Kristen Voorhees Family Trust bought the multifamily property at 5630 East 2nd Street in Tucson for $425,000 ($38,636 per unit / $65 PSF). The property consists of 11-units in 6,528-square-feet (built 1969) on .88-acres. There are ten 2-bedroom units and one studio unit, located in the Eastern submarket of Tucson.

Tony Reed with Long Realty represented both buyer and seller, Winthrop N Isaacsen Separate Property Trust of Tucson in this transaction.

To learn more, see RED Comp #4861.




Louis River buys Two Office Condos in Tucson for $1.22 Million

7530 N Oracle Rd, Tucson, AZ

TUCSON, Arizona — Louis River, LLC (Emil H Annabi, member) purchased a 2,510-square-foot office condo located in the Oracle Medical Plaza Condominiums at 7530 N. Oracle Rd., Suite 200, in Tucson.  The investment property was purchased from Natomand, LLC for $633,000 ($252 PSF). 

 

Isaac Figueroa, Office and Investment Specialist with Cushman & Wakefield | PICOR, represented the buyer in this transaction.  Alan Moore with Chapman Lindsey Commercial Real Estate Services, LLC represented the seller.

 

6226 E Pima St., Tucson, AZ

Louis River, LLC (Emil H Annabi, member) also purchased a 3,158-square-foot office condo located in the Wilmot Office Plaza at 6226 E. Pima St., Suite 3 in Tucson.  The investment property was purchased from Genifer Chavez Medical Group, LLC for $582,900 ($185 PSF). 

 

Isaac Figueroa, Office and Investment Specialist with Cushman & Wakefield | PICOR, represented the buyer in this transaction.  Tari Auletta, CCIM, with Keller Williams Southern Arizona represented the seller.

 

For more information, Figueroa can be reached at 520.546.2743, Moore can be contacted at 520.747.4000 to contact Auletta, call 520.615.8400.

 

To learn more, login and see RED Comps #4821 and #4826

[mepr-show rules=”58038″]Buyer is was a tenant prior to sale dba Pima Pain Center in both properties and purchased to owner occupy.[/mepr-show]