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10/26/22
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A portfolio of two multifamily assets in Tucson, AZ totaling 459 units was acquired by an unnamed investor for $65.15 mil, or $142k/unit. The assets were sold by San Diego-based Tower 16 Capital Partners.
Both assets received significant renovations including the leasing offices, outdoor amenity areas and interior unit renovations on 40% of units. Tower 16 purchased the properties for $36 mil and spent $4.9 mil on improvements during the approximate two years they owned the properties. The new buyer plans to continue the renovation efforts to further improve the appeal and performance of the assets.
One of the properties, Sierra Vista, consists of 258 apartment units located at 3535 N. 1st Ave. The property has two pools, a new clubhouse, leasing office and gym. The other community, La Mirada, consists of 201 apartment units and is located at 4415 E. Grant Rd. La Mirada has two pools, a new clubhouse with a fitness center, and a new outdoor amenity area.
The properties were marketed earlier this year by Institutional Property Advisor’s Tucson team who represented Tower 16 in the sale. The IPA team was led by Art Wadlund, Clint Wadlund, and Hamid Panahi.
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