Two Tucson apartments deals sold with an aggregate sale price of $2.72 million for 76 total units.
The Roger Plaza Apartments at 102 West Roger Road in Tucson sold in December for $1.4 million ($28,000 per unit). The price is deceiving though, since it was an option agreement entered into three-years prior between the seller, Equitas Investment Partners, LP No.#1 of Studio City, Calif, and the buyer, Walnut Property, LLC of Tucson (Andrew Pongrantz, member) an affiliate of Pongrantz Properties & Management.
Pongrantz leased and managed the property from the seller for three years, paying $100,000 for the lease option to purchase. The property had been below market rents in the area and Pongrantz believed he could turn it around, and did. In return, the 2011 sale price was agreed upon in the lease option between buyer and seller.
Roger Plaza is a 50-unit complex with two buildings, totaling 31, 280-square-feet, and a unit mix of one- and two-bedroom units. Property features include a gated pool, laundry facility, office, AC, refrigerator, vertical blinds, walk-in closets, and balconies. It was built in 1987 on 1.45 acres on Roger Road, west of Stone in the Central Tucson submarket. The walk score on this property is 71 with a bike score of 73 out of 100.
Hamid Panahi of Marcus & Millichap in Tucson represented the seller in the Roger Plaza transaction, and the buyer was self-represented.
The sale of Park Avenue Townhomes at 2840 N Park Ave in Tucson for $1.32 million ($50,654 per unit) took place in January to an investment group of individuals from Goleta, Calif. This 26-unit, single story townhome community (built 1977) is 14,197-square-feet in seven buildings on 1.84 acres, near Glenn and Mountain, in Central Tucson.
The units are all one-bedrooms built with adobe style construction, and each approximately 550-square-feet in size. Amenities include Washer/dryer hook-up in selected units, AC, refrigerator, a kitchen pantry, cable ready, ceiling fans, built-in dresser and a large oversized private patio. Units are master metered for water, sewer and garbage.
Located near shopping, restaurants and the UA Mountain bike path this property has a walk score of 68 and a bike score of 99 out of 100.
Tony Reed of Long Realty in Tucson represented the seller, The Lake Investment Group of Tucson (Larry Cochran, managing member). The buyer was represented by Dana Cole of The Hallmark Group in Tucson.
To reach The Roger Plaza Apartments, call (520) 624-4628. Panahi can be reached at (520) 202-2900. Reed should be contacted at (520) 918-5189 and Cole is at (520) 979-3710.
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[mepr-show rules="58038"] Roger Plaza sale date 12/19/2013. APN: 105-12-056A. Buyer exercised a 3-year old lease option on purchase. Seller reported property value at time of sale was $1.8 million appraised value at time of sale. Property was 95% occupied at time of sale.
Park Avenue Townhomes sale date: 1/10/2014. APN: 113-08-054, 055, 056. Buyer paid $395,000 down and financed the balance with new loans at undisclosed terms. Property sold at a 7% cap rate, listing broker reported. [/mepr-show]