Two recent Tucson apartment communities sold with an aggregate of 421-units for $13.34 million, each located at distant ends of the City of Tucson.
Wilmot Vista Apartments at 3225 S Wilmot Road in Tucson sold for $5.5 million ($28,000 per unit) in an REO value-add asset sale. Located near Davis Monthan Air Force Base at Wilmot and Golf Links Road, the property was built in two phases in 1987 and 1987 in ten buildings on 6.51 acres.
The unit mix comprises 116 one-bedroom units, 80 two-bedroom units and one three-bedroom unit, the 110,790-square-foot property was 92% occupied at time of sale. Community features include two swimming pools and two heated spas, two well–located laundry facilities, a separate leasing office, business center and a sports court. Recent community improvements include exterior painting, upgraded landscaping, remodeled leasing office, laundry room upgrades, and in May 2015 a new slurry coat applied to the entire parking lot.
Jack Hannum and Derek Iannelli with Transwestern in Phoenix represented the seller, Blue Valley Apartments, an affiliate of Ocwen Loan Servicing in West Palm Beach, FL. Hannum said, “The complex had been well maintained while lender owned and was approaching stabilization when it sold.”
7O7 Property Management of Las Vegas and Scottsdale had managed the property for seller and are being retained for management services by the new owner, Colorado-based Oaks at Edgemont, LLP (William Doogan, general partner).
Hannum can be reached at 602.386.1181 and Iannelli should be contacted at 602.386.1183.
For more information see RED Comp #3330.
In a second transaction in central Tucson, Sedona Point Apartments sold to Scottsdale-based Sedona Pointe LLC (Matthew Okmin, manager) for $7.84 million ($35,000 per unit) in what was also a value-add sale.
The 224-unit Sedona Pointe Apartments was built in 1978 as a garden-style community on Oracle northwest of Grant Road. The 123,268-square-feet in five buildings consists of one- and two bedroom units situated on 6.5 acres. Community amenities include a clubhouse, BBQ areas, carports, two laundry facilities, a pool, two spas, and a fitness center.
Cindy Cooke, Senior Executive Vice President, and Brad Cooke, Senior Vice President, with Colliers International in Phoenix handled the transaction for seller, San Diego-based, Paragon Sienna, LLC an affiliate of Paragon Management Company.
Cindy Cooke can be reached at 602.222.5039 and Brad Cooke is at 602.222.5088.
To learn more see RED Comp #3245.