Two Apartment Communities Sell for $13.41 Million in Tucson

California Investors, Equity Advantage, Inc., in a 1031 exchange bought the value-add La Mirada Apartments at 4415 E Grant Road in Tucson for $9.41 million ($46,816 per unit) in Northeast Tucson.

The 192,440-square-feet, two-story apartment community built in 1973, comprising 201 rental units and was 75% occupied at time of sale. The unit mix is approximately 92% two-bedroom, and 8% three-bedroom units. Construction is of block, with built-up roofs. Heating and cooling is provided by individual ground-mounted HVAC units. The utility costs associated with heating and cooling are the responsibility of the tenant. The property is individually-metered for electricity, and the costs associated with usage inside the dwelling units are the responsibility of the tenant. Hot water is provided by solar powered heaters with a back-up commercial boiler. The property also contains a cell tower that does not convey with the property.

The property is situated on the north side of Grant Road, a major east-west thoroughfare of Tucson. Several schools are located within a one mile radius of the property including John B. Wright Elementary, Dodge Middle School and Catalina High School.

Tucson –based Grindstone Property Management will manage the community for the new owner.

Bill Hahn, Jeffrey Sherman and Trevor Koskovich with Colliers International in Phoenix represented the seller, 4415 East Gant Road LLV (Chris Monson) or Tucson.

Joe Chaplik of Joseph Bernard Investment Real Estate of Portland, Oregon represented the buyer.

Hahn can be reached at 602.222.5105, Sherman is at 602.222.5109, and Koskovich can be contacted at 602.222.5145. Chaplik can be connected with at 503.546.9390.

To learn more see RED Comp #3452.

In a separate transaction, the Bellevue Tower Apartments at 3710 E Bellevue Street in Central Tucson sold for $4 million ($44,444 per unit) to another California investor, Bellevue Towers Tucson, LLC in a 1031 exchange.

New to the market, Bellevue tower is a unique infill apartment property located in central Tucson just 2 miles east of the University of Arizona and north of Speedway Blvd, one of Tucson’ s main throughways. The 96,288-square-foot property is a combination of a 4 story elevator served tower, two buildings of two story garden style flats and two buildings of townhome style 2 story units. It is built with sturdy block construction and well maintained. Bellevue offers some of the largest unit sizes in the submarket and some of the largest units in Tucson with an average unit size of 1,070-square-feet. With large unit sizes and only 12 one bedroom units the property caters to families, and has many long term tenants and a relatively low tenant turnover rate.

The property sold stabilized with a 96% occupancy.

Bob Kaplan and Brandon Kramer with Marcus & Millichap in Denver represented the seller, Olympic View Properties of Washington.

The buyer was represented by Alex Garcia with Marcus & Millichap in Ontario, California.

Kaplan should be reached at 520.271.2304 and Kramer is at 605.390.1248.

To learn more see RED Comp #3416.