Villas at Roger Road in Tucson Sells for $5.7 Million

The Villas at Roger Road at 3985 N Stone Avenue in Tucson sold for $5.685 million ($24,500 per unit) in a value add investment sale. The property was lender owned when it sold to Equilibrium Villas, LLC (Sasonias Astatke) of Washington, DC.

Built in 1984, the complex has 232-units in nine, 2-story, buildings and a unit mix of 38% – (88) 1-bedroom,  62% – (72) 2-bedroom/1 bath and (72) 2-bedroom/2 bath units.  The 129,389-square-feet of improvements sit on 6.85 acres at the southwest corner of Stone and Roger. Common amenities include a pool with a newly resurfaced deck, new pool furniture, and a shaded pavilion. The property also has a basketball court, laundry facility, outdoor barbeques and picnic areas, a gated pet run, gated access, and separate clubhouse with Wi-Fi, billiards, ping pong, and a lounge area with a flat-screen television.

The property sold with 20% vacancy, stabilized from 40% after returning to the lender about a year ago. It is the buyer’s intention to add value for resale.

Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International in Phoenix handled the transaction for lender, Ocwen Loan Servicing, and the investor.

To learn more contact Hahn at (602) 222-5105, Sherman at (602) 222-5109 and Koskovich is at (602) 222-5145.