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2230 East Fort Lowell Road, LLC an affiliate of California Capital Real Estate Advisors, Inc. (CALCAP Advisors) of Pasadena, CA (Edward Aloe, managing principal) bought the apartment complex Vista Catalina at 2230 East Fort Lowell Road in Tucson for[mepr-show rules="58038"]$1.325 million ($22,845 per unit) for the 48,027 sq. ft. complex located on Fort Lowell between Country Club and Tucson Blvd.
The property (built 1971) has 58 one-and two-bedroom units in six buildings, ranging from 640 - 788 sq. ft., the units feature paid utilities, free Wi-Fi, covered parking, cable ready, individual climate control provided by a chiller system. Vista Catalina is on direct bus lines, minutes away from the U of A and within walking distance to grocery, shopping, dining, and public libraries. The community has lush landscaping, a pool, outdoor BBQ, and laundry facilities, on-site bilingual manager, 24-hr. emergency maintenance service, short-term and long-term leases, and a dog run for small & medium sized pets.
CALCAP Advisors, a real estate investment and advisory firm, bought the Class-C property to reposition it in the marketplace at an undisclosed cost. Acquisition cost was well below replacement cost, at $28 per sq. ft., it sold with seven vacancies. CALCAP is an experienced value buyer having completed over $50 million in multiple transactions, repositioning distressed multi-family and commercial properties in California, Arizona and Nevada.
CALCAP's acquisition strategy is guided by the firm's approach of identifying the best opportunities for capital appreciation. CALCAP looks to acquire, reposition and develop a blend of assets; working to preserve capital and deliver strong returns. Partnering with businesses, asset managers, developers and communities to reposition distressed real estate, provide liquidity, adds value not only for stakeholders but also the communities they serve. This is CALCAP's first investment in the Tucson market.
The seller, EFL Apartment Partners (Pat McGlathery, principal) of San Diego, CA was represented in the transaction by Bob Kaplan and Allan Mendelsberg, Investment Specialists with Cushman & Wakefield / Picor Commercial Real Estate Services of Tucson.
The Inter-American Investment Corporation (IIC), a member of the Inter-American Development Bank (IDB) Group provided financing for the transaction.
Aloe at CALCAP Advisors can be reached at (626) 229-9057. Mendelsberg should be contacted at (520) 546-2721 and Kaplan is at (520) 546-2737.[/mepr-show]