TUCSON, Arizona – With inventory low and demand high, prices are going up for Tucson multifamily investments. These seven sales totaled $5.54 million for an aggregate of 96-units an average of $57,700 per unit.
“Demand for multifamily properties far surpasses supply in the market accounting for lots of little deals being transacted,” Allan Mendelsberg, Principal and Multifamily Specialist with Cushman & Wakefield | PICOR said. “Owners when selling go from a position of power to a position of weakness when finding inventory to reinvest, which accounts for lots of all-cash deals.”
Damco Arizona Properties, LLC purchased two apartment complexes consisting of 22,860 square feet of multifamily space. Los Altos Apartments, a 28-unit complex located at 501 E. Glenn St., and Fontana Apartments, a 12-unit complex located at 3139 N. Fontana Ave. in Tucson, were purchased from KMS Enterprises, LLC for $1.97 million ($70,357 per unit). This was an all-cash transaction for the buyer in a 1031 exchange.
AZDA, LLC purchased a 7,654 square-foot multifamily property located at 2921 N. Geronimo Ave. in Tucson. Geronimo Apartments, an 11-unit apartment complex, was purchased from John R. Hughes, Linda T. Hughes, Randolph D. Oden, and Karen L. Oden for $612,000 ($55,636 per unit). This was an all-cash transaction for the buyer in a 1031 exchange.
Gould Family Properties, VIII, LLC purchased a 9,012 square-foot multifamily property located at 5416 E. Lee St. in Tucson. Central Apartments, a 12-unit apartment complex, was purchased from Allegro Properties, LLC for $750,000 ($62,500 per unit) in an all-cash transaction.
Mendelsberg represented both the buyers and the sellers in the above transactions.
Winstel Apartments, LLC in Tucson (William Hennings, manager) purchased an 11-unit apartment complex, Winstel Apartments, at 3322 N Winstel Blvd. in Tucson for $750,000 ($68,200 per unit). The sellers, David and Mary Bizek of Tucson were represented by Marc Luety, II with Keller Williams Southern Arizona. Mendelsberg represented the buyer in this transaction.
California investor, L&G Investments AZ bought the Copper Street Townhomes at 1791-1799 E Copper Street in Tucson for $506,500 ($101,300 per unit). The 5-unit community was sold by KPS Apts, LLC and Glenn H Luglan, Jr. Trust that was represented by David Walsh of S.J. Fowler. Mendelsberg represented the buyer in this all-cash transaction.
Robert J. Marshall Trust Number 1 of St Charles, Illinois purchased a 6,042-square-foot multifamily property located at 427-441 E. Delano St. in Tucson. Delano Casitas, a 9-unit apartment complex, was purchased from Property Twins, LLC for $555,000 ($61,666 per unit). This was an all-cash transaction for the buyer in a 1031 exchange. Mendelsberg represented the buyer in this transaction. Marc Luety, II with Keller Williams Southern Arizona, represented the seller.
Jon L. Stone and Mary E. Stone purchased a 4,004 square-foot multifamily property located at 2627 E. Grant Rd. in Tucson. The 8-unit apartment complex was purchased from Todd H. Dunaway and Jiliane F. Thiers for $400,000 ($50,000 per unit). Mendelsberg represented the buyer in this transaction. Lance Parsons with ABI Multifamily, LLC, represented the seller.
For more information, Mendelsberg can be reached at 520.546.2721.
To learn more, see RED Comps #7113, #7117, #7120, #7135, #7144 and #7148.