Two Apt Deals Sell For $1.13 Million at Year End

Two Apt deals at year end sold for a combined total of $1.13 million. The Casa Verde Apartments and the Crestview Apartments in Tucson closed one day apart.

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The Casa Verde Apartments at 2602 N 14^th Avenue in Tucson sold for $600,000 ($26,000 per unit) to a Californian investment group, Maximum Management Corporation of Beverly Hills, CA (Rick Sparks). The property is situated in Central Tucson on the northeast corner of Jacinto Street and 14th Avenue, just west of Oracle Road, a major thoroughfare in north Tucson.

The two-story apartment community built in 1963, comprises 23 rental units. The unit mix consists of all one-bedroom units at approximately 567 square feet each. All units are rented unfurnished. Construction is of block with pitched roofs. The property is individually-metered for electricity with the costs of heating and cooling falling under the responsibility of the residents. Cooling is provided by evaporative coolers in 11 units, and the rest are provided by individual air conditioning units.

Outdoor amenities are limited to open parking spaces for residents. There are approximately 40 parking spaces. There is also a laundry facility on-site and secured gated access to the property. Landscaping at Casa Verde Apartments is minimal, allowing for mitigated operating expenses for the ownership.

The building at Casa Verde Apartments is constructed on two sites comprising approximately 0.72 acres, at a density of 31.94 units per acre. The building provides 13,041 rentable square feet.

The property was 96% occupied at time of sale.

The seller Creative Commercial Investments of Glendale, AZ and the investor were represented by Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers International in Phoenix.

In a separate transaction one day later, Crestview Apartments at 4350 E Fairmount St. in Tucson sold to Gum Shree, LLC (Rosemary Koberlein) of Tucson for $530,000 ($40,800 per unit). The 13-unit apartment complex was constructed in 1963 and consists of 10,010-square-feet on a 36,000-square-foot lot.

The property is situated in Northeast Tucson on the southeast of the corner Columbus Blvd and Fairmount Street, just west of Swan Road.

Tony Reed of Long Realty in Tucson represented the seller, Fiesta Properties of Tucson and Roger Breckenridge also with Long Realty in Tucson represented the investor.

The Koskovich, Hahn and Sherman team can be reached at (602) 222-5000. Reed should be contacted at (520) 918-5189, Breckenridge can be called at (520) 918-5813.

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[mepr-show rules=”58038″] Sale date of Casa Verde Apartments: 12/26/2013. This was the buyers upleg in a 1031 exchange from a California property. The buyer paid $316,777 down. Market time was approximately 100 days. Property sold at an 8.5% cap rate. APN: 107-09-011A.

Sale date of Crestview Apartments: 12/27/2013. All cash transaction. Unit mix: 6 one bedrooms, 6 two bedrooms and one studio. Property sold at an 8% cap rate. APN 122-12-061.[/mepr-show]