TUCSON, Arizona -- Multifamily property sales surged to $21 Million in sales volume in the first 10-days of 2017. Marcus & Millichap sales accounted for $13.6 million in the following two transactions, with four properties and 371-units:
HSL Casa Loma of Tucson (Omar Mireles, manager) sold Casa Loma Apartments for $6.525 million ($48,333 per unit / $62 PSF) for the 135-unit complex at 6639 East Broadway Blvd. in the central submarket of Tucson.
Casa Loma, a 135-unit multifamily community, enjoys a commanding position on Broadway Boulevard surrounded by an abundance of thriving employment centers and lifestyle conveniences. Completed in 1972, the property features solid block and concrete construction with a mix of studio, one- and two-bedroom apartments as well as a three-bedroom house with a private driveway and backyard. Unit interiors feature a well-equipped kitchen, walk-in closets, ceiling fans, linen closets, patios or balconies, and upstairs units feature vaulted ceilings.
Community amenities include a welcoming leasing office, clubhouse, pool with a spa, laundry facility, and serene outdoor space with lush landscaping including barbecue grills. Since 2012, current ownership has completed a full exterior paint as well as installed new roofs and individual A/C units, improving the presentation of the property while simultaneously minimizing future capital cost exposure for a new owner.
The unit mix comprises studios, one- two- and three-bedroom units with 778-square-feet a weighted average unit size. The 105,032-net-square-feet sits on 5.96 acres and a density of 22.65 RAC.
A private California investor, Shalom Babay, purchased the value-add investment property.
Hamid Panahi, Steve Gebing and Cliff David at Marcus & Millichap Phoenix represented the seller, HSL Properties.
Lane Schwartz at Marcus & Millichap in West Los Angeles represented the investor.
In a portfolio sale, West Ajo Properties of Tucson (Sonny Cray, manager) sold a three-property portfolio with 236-units for $7.05 million ($29,873 per unit / $50 PSF).
Located in thriving Southwest Tucson, 3 at West Ajo, the three property portfolio, offers residents comfortable living, and convenient access to many of the cities highly regarded destinations. 3 at West Ajo consists of 236-units across three well-maintained properties, Westlake Village, Riverview Villas, and Santa Cruz Villas with a single leasing office located at Westlake Village.
The 236-unit multifamily community, enjoys a commanding position on Ajo Way, also known as State Route 86. Completed in 1981 and 1983, the properties feature solid frame and stucco construction with a mix of studio, one-, two-, and three-bedroom apartments, with a weighted average unit size of 597-square-feet.
Unit interiors feature a well-equipped kitchen, ceiling fans, and wood-vinyl flooring on the downstairs units. Select units include linen closets, additional outside storage, walk-in closets, and dishwashers. Community amenities include a pool at each community, a welcoming leasing office, gated access into the property from each entry along Ajo Way, three laundry facilities, and outdoor space with barbecue grills and shuffleboard courts. The current ownership has replaced the pools and roofs for all three properties, improving the presentation of the properties.
The 140,840-square-feet sits on 7.53 acres, with a density of 31.34 RAC.
Hamid Panahi, Steve Gebing, Cliff David and James Crawley at Marcus & Millichap Phoenix represented the seller, West Ajo Properties.
Peter Flis at Marcus & Millichap in Sacramento represented the private California investor.
For additional information, contact Panahi at 520.448.5045, Gebing at 602.687.6771, David at 602.687.6763, and Crawley is at 602.687.6807. Flis can be reached at 916.724.1286 in Sacramento.
To learn more, see RED Comp #4453.