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8/14/17
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James Associates has purchased two multifamily properties totaling 192 units in Tucson for a combined price of $11.4 mil ($59.4k/unit). The acquisition includes The Place at Nine90, with 72 units, and The Place at Ten50, with 120 units.
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The Place at Nine90, located at 990 East River Rd, sold for $5.1 mil ($70.8k/unit). Built in 1985, the property offers one- and two-bedroom floor plans. Each unit features air conditioning, a fully equipped kitchen, and select units include vaulted ceilings. Community amenities include a clubhouse with a kitchen and Wi-Fi, swimming pool, spa, fitness center, private racquetball court, and a 24-hour laundry facility.
The Place at Ten50, located at 1050 North Camino Seco, traded for $6.3 mil ($52.5k/unit). Built in 1986, it contains one- and two-bedroom floor plans. Each unit features air conditioning, a fully equipped kitchen, and select units include vaulted ceilings. Community amenities include a swimming pool, spa, sun deck, racquetball court, and 24-hour laundry facility with Wi-Fi.
Art Wadlund and Clint Wadlund with Berkadia represented the seller, McCompanies of Scottsdale, AZ.
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