Element Buys Its Fourth Tucson Multifamily Property

Tucson continues to be a very busy marketplace when it comes to buying multifamily communities. With rents rising faster than almost where in the nation, Tucson continues to catch the eye of investors. Northmarq’s Phoenix team sold the Paseo del Sol townhome community for $33.65 million

Element’s four acquisitions in just over a year have netted them a combined total of 724 units. They have also added properties in the Arizona communities of Yuma and Sierra Vista

Paseo del Sol sits just north of the Davis-Monthan Air Force Base and contains 152 units. The community comprises 38, two story buildings. The units average out to be about 1,100 square feet. Griffin Martin, from Northmarq added this, “With their newest acquisition of Paseo del Sol, Element plans to enhance the community with investments in interior and exterior improvements.”