Monson Properties AZ LLC of Sacramento, CA (Paul Monson, manager) acquired Cordova Village Apartment Homes for $6.11 million ($19,200 per unit) at the end of March. On the basis of number of units and sale price, it is the single largest property purchased in Tucson multifamily sector for Q1 2015.
Tucson Five LP, an affiliate of Hamilton Zanze of California (Mark Hamilton and Tony Zanze, partners) sold the 318-unit complex at 2020 South Columbus Blvd in Tucson. Hamilton Zanze, a private San Francisco-based real estate company, has several of its Tucson assets on the market listed with Colliers International.
The garden-style community of Cordova Village consists of two parcels totaling 9 acres, with 18 two-story apartment buildings, a maintenance shop, office building / laundry building and a second laundry building. The northern portion of the property was constructed in 1977, and the southern portion added in 1982. Community amenities include a basketball court, a concrete soccer field, playground, volleyball court, two swimming pools, Jacuzzi, ramadas, three barbeque areas, asphalt-paved parking areas and lush landscaping.
Location is among the property’s chief attributes, situated near Davis-Monthan Air Force Base. The unit mix of Cordova Village is 67.2% one-bedrooms, 29.6% studios and 3.1% two-bedroom units that range in size from 327- to 836-square-feet in eight floor plans.
The apartment sector resoundingly outperformed consensus expectations in 2014. With Tucson vacancy rate at equilibrium or tighter for the previous four years. Ending 2014 with $311 million in sales volume, 2015 is looking well positioned for even more growth, based on the 15.13% increased volume year-over-year, according to tracking by the Real Estate Daily News.
The Colliers’ Cooke Team lead by Cindy Cooke, Brad Cooke and John Barnes of Colliers International in Phoenix represented the seller. Hamid Panahi, Cliff David and Steve Gebing of Marcus & Millichap in Phoenix represented the investor.
To learn more Cindy Cooke should be contacted at 602.448.3880, Brad Cooke at 602.222.5088 and call Barnes at 602.222.5042. Panahi, David and Gebing can be reached through their office at 602.687.6700.
For additional information, log in and see RED Comp #2754.
[mepr-show rules="58038"]Sale date: 3/24/2015. Sale price: $6,105,600, and $2,044,600 down payment. Property sold 90% occupied and a 6.5% cap rate, brokers reported. Hamilton Zanze has four other properties in Tucson on the market for sale: 4250 E 29th Street, 2800 S Mission Road, 8600 E Old Spanish Trail and 6340 S Santa Clara Street.[/mepr-show]