Southern Arizona Rental Property Fetches $46.5 Million
The 252-unit Port Royale is in Sierra Vista, about an hour south of Tucson. The selling price equates to $184,454 per unit. The town is best known for being the home to the Fort Huachuca Army Base, which is about five miles from the property.
Element Property was the seller. Sundance Bay the buyer. Institutional Property Advisors Clint Wadlund discussed its value, “The seller recognized that a post-2000 vintage asset like Port Royale is rarely available to new investors and capitalized on the demand.”
The recently renovated property is gated, with a pool, designated parking and detached garages.
- ◦Sale/Acquisition