TUCSON, ARIZONA – ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $7,282,500 ($41,378 per unit) sale of the Villa Pacifica Apartments at 4650 E 29th Street in Tucson, AZ.
Villa Pacifica is a two- and three-story, garden-style apartment community which resides on approximately 4.46 acres. The property was built of frame and stucco, with flat and pitched roofs. The property boasts a unit mix of (94) one-bedroom, (66) two-bedroom and (16) three- bedroom unit types, with a weighted average size of 641-square-feet.
“Villa Pacifica Apartments is located just minutes from both Davis-Monthan AFB and the Park Place Mall,” states Alon Shnitzer, Senior Managing Partner, who was the lead broker for this transaction and represented both the Seller and Buyer. “The Buyer, an entity formed through Ennabe Properties, Inc., was seeking to expand their Arizona multifamily footprint, specifically into the Tucson market and Villa Pacifica Apartments was a perfect fit. Tucson Multifamily offers investors a unique opportunity, with little-to-no new construction and increasing rents/occupancy. The Seller, an entity formed through Alpha Wave Investors, LLC, purchased Villa Pacifica as a distressed property and immediately embarked upon a renovation and value add strategy. As a result, the Buyer felt they could finish the value add process through continued property stabilization and improvements. Given these reasons, the Buyer jumped at the opportunity to own this apartment community in this dynamic submarket of Tucson.”
The Buyer, an entity formed through Ennabe Properties, Inc., is a private investment company based out of Los Angeles, CA.
The Seller, an entity formed through Alpha Wave Investors, LLC, is a private investment company based in Laguna Hills, CA.
The ABI Multifamily Arizona Large Apartment brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented the Buyer and Seller in this transaction.