Tucson Apartment Property Trades for $165,948 Per Unit
The 232-unit Metro Tucson was sold to Vertical Street Ventures for $38.5 million. Institutional Property Advisors (IPA) advised the undisclosed seller and found the buyer. IPA’s Clint Wadlund likes the upside, “The buyer is in a position to benefit from the city’s strong demographics and favorable multifamily real estate fundamentals by continuing and expanding the property’s interior renovation program.” At the time of the sale, 22 units had received upgrades.
Built in 1984, the project is a garden-style asset consisting of nine buildings, a pool, laundry facilities and pet areas. The average unit size is 640 square feet.
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Learn MoreListing Status: Available Price: $1,212,000 No. of Units: 12 Cap Rate: 5.93 GRM/GIM: 10.44 Year Built: 1949 Building Size: 6000 Sq ft Lot Size: .33 Acres No. of Stories: 2 APN: 101305732540612003 Zoning Code: R-ML Opportunity Zone: No Price per unit: $101,000
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