TUCSON, AZ (October 16, 2024) Wildflower Apartments at 2850 N Alvernon Way in Tucson sold in a value-added investment sale for $2.51 million ($89,642 per unit). Built in 1977, the 28 units have a unit mix of (20) 1-bedroom and (8) 2-bedroom/ 1 bath units in 16,488 square feet.
The asset sold on October 10, 2024.
The seller was an affiliate of Aspen Grove Capital of Avon, CO. and the investor was Los Angeles-based Wildflower Apts, LLC, an affiliate of Pro Residential Management, Renuka Jogani, manager.
The Multifamily team, led by Allan Mendelsberg and Joey Martinez at Cushman & Wakefield | PICOR managed the transaction.
The property sold with below-market rents and an operational upside, on-site laundry facility and a well-maintained pool. All units have patios or balconies.
The property was highly sought after, with multiple offers received in the few weeks it was on the market.
For additional information, Mendelsberg should be reached at 520.546.2721 and Martinez can be contacted at 520.546.2730.
To learn more, subscribers are referred to RED Comp #11525.