TUCSON, ARIZONA (June 21, 2023) – Monte Vista Commons, a 23,256-square-foot investment property at 3949 E. Monte Vista Dr. in Tucson, sold for $3.1 million ($86,111 per unit / $133.30 PSF) as a value-add sale.
The transaction closed on June 9, 2023.
Built in 1992, the 36-unit apartment property has (24) Studios and (12) 3-bedroom / 1-bath units. The buyer was Monte Vista Apts, LLC of Oro Valley, and the seller was Monte Vista Commons LLC, an affiliate of Highland Real Estate Partners of San Diego, CA.
Allan Mendelsberg and Joey Martinez, Principals and Multifamily Specialists with Cushman & Wakefield | PICOR represented both parties in this transaction.
In a separate transaction, Pima Commons, a 10,250-square-foot investment property at 3124 E. Pima St. and 1625 N. Camilla Blvd. in Tucson, sold for $1,665,000 ($104,000 per unit / $162.44 PSF) in a value-add sale.
This transaction closed on June 7, 2023.
Built in 1992, the 16-unit apartment property has (4) studios, (8) 1-bedroom / 1-bath, and (4) 2- bedroom / 1-bath units. The buyer was Pima Cottages, LLC of Sanford, NC, and the seller, Pima Commons LLC of San Diego, CA.
Allan Mendelsberg and Joey Martinez, Principals and Multifamily Specialists with Cushman & Wakefield | PICOR represented both parties in this transaction.
To learn more, see RED Comps 10722 and #10720.