FOR IMMEDIATE RELEASE
Company Website: www.ABIMultifamily.com
Phoenix, AZ – December 28, 2016 – ABI Multifamily Brokers $4.992M Sale of Fractured Condo Project in Tucson's Catalina Foothills
ABI Multifamily, the Western US's leading multifamily brokerage and advisory services firm, is pleased to announce the $4,992,000 / $92,444 Per Unit sale of the 54-unit (of 265 total units) of The Greens at Ventana Canyon Condominiums in Tucson, AZ.
The property, originally built in 1986 and converted to condominiums in 2006, features spacious 1, 2 and 3-bedroom units with a weighted average size close to 1,000 square feet. Unit features include full-size washer/dryer (all units), fireplaces (select units) and direct access 1, 2 car garages (just under half of all units).
The Greens at Ventana Canyon | 5800 North Kolb Road, Tucson AZ 85750 | 54 of 265 Units | Built in 1986 | Renovated: 2006 | $4,992,000 | $92,444 Per Unit | $88.45 Per SF
The Greens at Ventana Canyon sit on nearly 11-acres of land in the Catalina Foothills, with 27 total buildings and a dedicated leasing center/clubhouse. The property features multiple pool/spa areas, tennis court, racquetball court, putting green and tree-lined walking paths. The Greens at Ventana Canyon is a beautiful and highly sought after "A" class community, with the majority of its unit mix comprised of large 2 and 3-bedroom units, and situated in an excellent location.
"The Buyer was in search for an exceptional asset with upside potential. 88% of the units have a proven path for terrific upside in rent potential through modern interior upgrades," states Lance Parsons, Senior Vice President at ABI. Rue Bax, Senior Managing Partner at ABI added, "This is a tremendous buy for them; for starters, it's surrounded by mountain vistas and is just minutes from Sabino Canyon and great outdoor amenities. Secondly, it is a rock solid garden-style community with hotel like amenities that caters to families wanting comfortable living in a picture-perfect property."
The Buyer in this transaction is a California based entity.
The Seller in this transaction is Vancouver, Canada-based, 20/20 Real Estate Partners, Inc.
The ABI Multifamily brokerage team of Rue Bax, Alon Shnitzer, Lance Parsons, Ryan Kippes, John Kobierowski, Doug Lazovick and Eddie Chang represented the Seller 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.