Wilmot Vista Apartments at 3225 S Wilmot Road in Tucson sold for $5.5 million ($27,919 per unit) to a Colorado- based investor, Oaks at Edgemont, LP. The seller was Blue Valley Apartments, c/o Ocwen Loan Servicing of West Palm Beach, Florida.
The garden-style complex was built in two phases in 1984 and 1987, Wilmot Vista consists of 197 units in 17 two-story rental buildings on 6.85 acres. The property features one-bedroom one-bath, two-bedroom one-bath, and three-bedroom one bath units in four different floor plans. Each unit has air conditioning, garbage disposals, window blinds, and is cable-TV ready. Select units have ceiling fans, microwaves, patios, storage, vaulted ceilings, walk-in closets and wrought-iron screen doors. Property amenities include two pools and spas, laundry facilities, BBQ areas and a playground.
Wilmot Vista Apartments is located on the east side of Wilmot Road, one-half mile south of Golf Links Road. Golf Links provides access to the Alvernon / Golf Links Parkway, a major thoroughfare in southern Tucson, which provides direct access to Interstate 10. Wilmot Vista is located adjacent to the Davis-Monthan Air Force Base and only eight miles from Tucson International Airport.
Sunflower Apartments at 6502 E Golf Links Road in Tucson traded for $4.1 million ($28,472 per unit). This buyer was Colorado-based investors, GR Partners Sunflower, LLC (Richard Rizzuto) and was the buyer's upleg in a 1031 exchange.
The unit mix consists of (32) studios, (64) one-bedrooms and (48) two-bedrooms and was 96% occupied when it sold. The apartments include vertical blinds, one living room accent wall is painted, frost-free refrigerators, electric stoves, garbage disposals, dishwashers and lots of cabinets. Some plans have entry closets and linen closets in the bathroom, and all apartments have central air conditioning/heating. The residents pay for their own utilities and water is paid in addition to the monthly rental rate. The community amenities include a beautiful pool and spa surrounded by trees, palms, flowering bushes, large flower pots and lush green grass areas, a fitness center, playground, racquetball court, barbeque grills and twenty-four hour on site laundry facility.
Its eastside location is close to grocery shopping, banks, schools, Davis Monthan Air Force Base and Park Place Mall, as well as on the Sun Tran bus route.
Hamid Panahi, David Cliff and Steve Gebing with Marcus & Millichap in Phoenix handled the transaction for buyer and seller, Sunflower Community, LLC of Cortaro, AZ (James G Farthing, manager).
For more information, the Marcus & Millichap Team of Panahi, Cliff and Gebing can be reached at 602.687.6700.
To learn more see RED Comp #3330 and #3308.