Video Documents “The Adventures of Buying Copper View Apartments”

Photo courtesy of listing broker
Photo courtesy of listing broker

This article has been archived, please login for access or subscribe now for a free trial.

Copper View Apartments at 2559 N Tucson Blvd. in Tucson recently sold for[mepr-show rules=”58038″]$1.1 million to The De Lorenzo Group, LLC of Tucson (John J De Lorenzo, President). The 26-unit, 15,502 sq. ft. apartment complex in two buildings was 100% occupied at time of sale. The complex was built in 1986 on .45 acre at the southwest corner of Copper St. and Tucson Blvd in Central Tucson.

The De Lorenzo Family has been in the real estate apartment rental business for four generations, originally founded in New York City, the family relocated to Tucson in 1999. Today, they are focused on real estate multifamily investments around 30-units in size and related income properties.

De Lorenzo also owns University Manor Student Housing at 730 E Lee Street in Tucson, 85719 and Shamrock Place at 4854 N Shamrock Place in Tucson, 85705. Tony Reed of Long Realty in Tucson represented the investor on these properties, while Ed Henne, also of Long Realty in Tucson, represented the seller on the Shamrock Place transaction.

Copper View is an add-value property with 92% one-bedroom units. Community amenities include a pool, patio/ balconies, dishwashers, and covered parking. The new owners have retained North Star Management of Tucson for leasing and property management.

Chuck Corriere of Keller Williams in Tucson represented the sellers, Ramiro and Arcella Valencia of Tucson.  Tony Reed of Long Realty represented the investor in this transaction.

The property acquisition is chronicled in the following YouTube video. This wonderful documentary starts with a full property inspection, inside and out, and takes the viewer through to final closing complete with celebration luncheon in about 12 minutes. The viewer is given a full sense of the buying adventure.

Corriere can be contacted at (520) 400-9811. Reed can be reached at (520) 918-5189.[/mepr-show]

 

Please login for additional information available to subscribers:
[ismember] Additional conditions of sale: Sale date: 6/17/2013. For $1.1 million, all-cash there were no 1031s involved. Property sold with deferred maintenance as an add-value investment. Cost to cure is unknown. Listing broker reported property was listed at $1.35 million and was on the market for 90-days when offer was received. It was a 30-day escrow. There are (24) one-bedroom units renting at $485/ month ($139,680 per year), (1) two-bedroom/one bath renting at $490/month ($490 per year) and (1) two-bedroom/2 bath renting at $500/month ($500 per year). GSI was $151,560, with $2,600 per unit estimated with reserves or $67,600 operating expenses. Property sold with an NOI of $83,960 and an approximate 7.5% cap rate.  [/ismember]