TUCSON, Arizona — Scottsdale-based MC Companies (Ross McCallister, principal), a real estate investment, management, development and construction company sold 319-units at Rock Ridge Apartments at 10333 N Oracle Road in Oro Valley to a private investment group from Newport Beach, CA, Springwood Investors, LLC; its first investment in Tucson.
The property commanded a sale price of $39.5 million ($123,824 per unit). This is the second highest sale price for a multifamily property in the Tucson region this year.
The acquisition the buyer with a solid investment opportunity. Seller had made enhancements since buying it with increased rents. The property was 96% occupied when it sold.
The property consists of one-, two- and three-bedroom units. The 226,880-square-feet (built 1995) is in 26 buildings on 17.77 acres adjoining Oro Valley Country Club Golf Course.
Unit amenities include air conditioning, alarm, balconies, cable ready, ceiling fan(s), dishwasher, wood burning fireplace, intrusion alarm, microwave, oversized closets, mountain / golf course views, washer & dryer in unit, garbage disposal, and refrigerator.
Community amenities include business center, clubhouse, covered parking, a dog park, emergency maintenance, extra storage, fitness center, garage, green community, high speed internet access, hot tub, playground, public transportation, two swimming pools, trails (bike, hike & jog), corporate suites, pet friendly. Special features include disability access, furnished units available, short term available,
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office in cooperation with Mike Sandahl in CBRE’s Tucson office handled the transaction on behalf of the buyer and seller.
For additional information, the CBRE Tucson office can be called at 520.790.8100 and the CBRE Team in Phoenix can be contacted at 602.735.5555.
To learn more, see RED Comp #6311.