Three Central Apartments Tucson Sell for Aggregate $1.9 Million

Three Central apartments in Tucson sold for an aggregate of $1.9 million, the 36-unit Thurber Apartments sold for $1.05 million, 12-units at 166-192 E Pastime Road sold for $620,000 and 14-units at 3521 N. Flowing Wells Road in Tucson sold for $215,000.

The 36-unit Central submarket apartment building at 557 W Thurber Rd in Tucson sold for $1.05 million ($29,000 per unit). The property was 94% occupied when JMY Properties (Jason Yamada) of Rolling Hills Estate, CA purchased the property. The 22,916-square-foot two-story building (built 1984) is located near Prince and Oracle and is within walking distances to a major commercial corridor, shopping mall, trade school, and park. The unit mix is 26 two-bedroom / one bath and 10 one-bedrooms /one bath apartments.

The seller, Thurber Apartments of Los Angeles, CA (Kevin Singer) reportedly invested over $300,000 in upgrades to the property in the past 20 months. There were no brokers reported in the sale.

SVP Holdings purchased a 12-unit apartment complex at 166-192 E. Pastime Road in Tucson from Johnston Family Properties V, LLC for $620,000 ($52,000 per unit).  Allan Mendelsberg, Investment Specialist with Cushman & Wakefield | PICOR, represented both parties in this transaction.

RS Holdings purchased a 14-unit apartment complex at 3521 N. Flowing Wells Road in Tucson from Basharat & Nighat Mahmood for $215,000. ($15,000 per unit).  Allan Mendelsberg, Investment Specialist with Cushman & Wakefield | PICOR, represented both parties in this transaction. Mendelsberg can be reached at (520) 546-2721.

Login for additional information. [mepr-show rules=”58038″]Sale Price $1,050,000. Down payment: $262,500. Building Size: 22,916 SF. Cap Rate: 10.14%. APN: 105-05-108.[/mepr-show]