The following multifamily sales represent a final wrap-up of third quarter 2014 transactions:
NORTHEAST SUBMARKET
Tony Apollini of Santa Rosa, CA purchased Swan Court, a 23-unit apartment complex at 1425 N Swan Road in Tucson for $845,000 ($36,739 per unit). The 20,685-square-feet community (built 1957) is comprised of 9-one bedrooms and 14-two bedroom/2 bath units with 640-square-feet and 930-square-feet floor plans, located on 1.58 acres at Swan and Fairmount Street. Allan Mendelsberg, Investment Specialist with Cushman & Wakefield | Picor represented the seller, the Gould Family Properties (Amy Gould) of Charlotte, NC. Bob Phelps with Bob Phelps Realty represented the investor in the transaction.
CENTRAL SUBMARKET
Jarret Reidhead and company, Group Dwelling of Tucson purchased 6-units at 638-642 East Lester Street in Tucson for $900,000 ($150,000 per unit). The 9,072-square-foot property in three buildings (built 2008) consists of 4-four bedroom/ 2 baths and 2-three-bedroom/2 bath units with two vacant at time of sale. The seller, Larry Potter of Keller Williams of Southern Arizona was self-represented as was Jarrett Reidhead with Tucson Integrity Realty.
Arroyo Casitas with 15 freestanding casitas at 2511-2515 N Edith and 3233-3255 E Water Street in Tucson sold for $560,000 ($37,333 per unit). The 15-units, all two-bedrooms, total 11,478-square-feet were built 1959 – 1985 and are situated on 1.06 acres. The seller was Arroyo Partners (Thomas Allen) of Tucson and the buyer, 3233 Water Investors, LLC (Ryan Johnson) of Tucson.
Mountain View Apartments at 1337-1341 E Allen Road in Tucson sold for $1.5 million ($44,118 per unit). The 34-unit, two-story complex is 26,166-square-feet (built 1972) and located on 2.16 acres near Campbell Avenue on Allen Road. The investor was Karen Mason and company, The Spoke, LLC of Half Moon Bay, CA and the seller was Melanie Morrison of MEB Management Services of Tucson who handled the transaction.
El Sol Apartments at 2115 N Oracle Road sold for $525,000 ($32,813 per unit) to Gap Ministries. The 16-unit, 7,400-square-feet complex (built 1983) was fully renovated in 2006 and sold in a short sale. It is located on .8 acres at Oracle and Flores Street in Tucson. Rocky Biel of Realty Executives Tucson Elite handled the transaction.
Dan Hollingsworth of Anchorage, AK purchased the 10-unit Bermuda Condominiums at 3331 E Bermuda Street in Tucson for $880,000 ($88,000 per unit). This 8,610-square-feet property (built 2008) comprises all two-bedroom units on .82 acres on Bermuda, east of Country Club. Each unit has individual parcel number to give flexibility for future demand. Douglas Trudeau of Tierra Antigua Realty represented the seller, Innovative Custom Homes & Design, Inc. of Tucson.