FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Four Converted Motel-to-Apartment Properties Sell for $1.35M in Tucson
Tucson, AZ – September 27, 2017 – ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $1,347,500 | $24,500 Per Unit sale of the Tucson 55 Portfolio, comprised of (4) separate converted motel-to-apartment communities off Benson Hwy in Tucson, AZ. Built between 1948 to 1976, all properties are of single story, frame and stucco construction. The properties feature a good mix of sleeping rooms, studios, one-, two-, and three-bedroom unit types with an average adjusted size of 531 square feet. All units are furnished with all utilities paid and rented on a month-to-month basis.
“The Tucson 55 portfolio features well maintained assets located along Tucson’s heavily trafficked Benson Hwy. Additionally, the properties are less than a few miles from the University of Arizona, Downtown Tucson and the airport,” states Lance Parsons, Senior Vice President at ABI. “The Buyer was looking for a solid performing portfolio in a good location which this provides at a CAP rate above 9%.”
The Seller is a private multifamily investor based in Arizona.
The Buyer is a private multifamily investor based in Arizona.
ABI Multifamily’s Tucson office led by Lance Parsons, CCIM represented both the Seller and Buyer in this transaction.
ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. The experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.