Tucson Multifamily Asset Sells for $28 Million

Next to Davis/Monthan Air Force Base and Tucson International Airport, the Palomino Crossing is near employers with over 10,000 workers. The 240-unit apartment complex sold for $116,000 a unit. It’s 97% occupied. AndMark Management out of Los Angeles was the seller and Next Round Asset Management was the buyer.

Northmarq represented the seller and also helped the buyer with an acquisition loan. They found an interest only, $21.4 floating rate bridge loan with a three year term.

Built in 1986, Palomino Crossing was a prime candidate for a complete overhaul, “Palomino Crossing presented a blank canvas opportunity for Next Round to strategically reposition the property with in-unit renovations,” explained Northmarq’s Jesse Hudson.

AndMark and Northmarq have worked on a handful of properties together in Tucson.