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5/14/18
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Costa Mesa-based Wetton Investments paid $13.6 mil for College Town Tucson, a 196-unit ($69.4k/unit) multifamily property in Tucson, AZ. The complex was sold by MCS Capital Partners of Phoenix.
Built in 1977, the property is located at 1300 East Fort Lowell Road. It features one- and two-bedroom floor plans. Each unit includes air conditioning, a ceiling fan, fully equipped kitchen, and 42-inch LED television in the living room. Community amenities include a resort-style swimming pool, fitness center, and study lounge.
Wetton Investments is planning a major renovation program that will include new luxury countertops, new appliances, new plumbing and lighting fixtures, new paint schemes, and new floor coverings. Additionally, Wetton plans to make upgrades to the exterior and mechanical systems to modernize the property and reduce utility usage.
Clint Wadlund and Art Wadlund of Berkadia represented the seller in the deal. The sale worked out to a price of $118.05 per square foot.
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