Out-of-State Multifamily Investors Expand Targets to Include Tucson
The employment market in Tucson is adding back workers at an active pace. Year-over-year through the second quarter, employment growth has expanded by 2.4 percent with the addition of nearly 9,000 jobs. Area employers are on pace to add approximately 12,000 jobs by year-end, marking an annual payroll increase of 3.2 percent.
With those employment numbers in mind, the 332-unit Apple Apartments in Tucson recently sold to Hannapat Management LLC, a Florida-based investor. The property is near some of Tucson’s largest employers including Davis-Monthan Air Force Base, which employs more than 5,900 personnel, and nearby University of Arizona currently has an enrollment of 46,000 students.
NorthMarq’s investment sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle brokered the sale.
“Our out-of-state investors have now expanded their target markets in the southwest to include Tucson. The prices and the value-add opportunities plus an expanding job market and highly qualified potential employees from the University of Arizona all play a pivotal role for Tucson,” said Hudson.
Apple Apartments were built in 1988.
- ◦Sale/Acquisition