Phoenix, Ariz. – ABI Multifamily has announced the $8 million / $90,909 per unit / $74.23 PSF sale of INDI Tucson in Tucson, Arizona.
INDI Tucson is an 88-unit / 232-bed garden-style student apartment community located six blocks from the University of Arizona’s main campus at 1920 N 1st Ave in Tucson. Built in 1972, 43 units were extensively renovated in 2018.
“INDI Tucson represented a truly unique market opportunity,” said ABI Multifamily Senior Managing Partner Rue Bax. “It’s orientation as student-focused housing and proximity to the University of Arizona main campus made it an inherently appealing property, and the Seller’s investment in extensively renovating 43 of the units demonstrated the potential for the Buyer to realize additional rent premiums by continuing the process.”
ABI Multifamily’s Rue Bax, Desiree Palmer, John Kobierowski, Alon Shnitzer, Eddie Chang and Doug Lazovick represented the Seller.
The Seller is an Arizona-based private equity real estate investor. The Buyer is a private California-based commercial real estate investment, management and advisory firm.