Midtown on Seneca Townhomes | 3201 East Seneca Street, Tucson, AZ 85716 | 176 Units | $28,000,000 | $159,091 Per Unit | $197.21 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, AZ. (August 8, 2022) – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $28,000,000 / $159,091 Per Unit / $197.21 Per SF sale of Midtown on Seneca Townhomes, a 176-unit multifamily apartment community located in Tucson, Arizona. ABI Multifamily's Phoenix-based Institutional Apartment Group - Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick represented the buyer and seller in this transaction.
The buyer is based in Washington D.C. and the seller is based in California.
Built in 1972, Midtown on Seneca Townhomes features 176 units housed in nine two-story buildings. All nine buildings are of concrete masonry construction with pitched composition shingle roofs and are situated on approximately 7.86 acres of land. The property features an attractive mix of 40 one-bedroom units, 127 two-bedroom townhome-style units, and 9 three-bedroom townhome-style units with a weighted average of 807 square feet. Electricity, water, and heating and cooling are master metered. Interior amenities include a fully equipped kitchen with upgraded cabinets, plush carpeting, tile flooring, large bathroom vanities, walk-in closets, and a large patio (select units). The community also provides its residents with a swimming pool with a sundeck, business center, picnic area with barbecue grills, children’s playground, dog park, laundry facility, basketball court, and on-site open parking.
The property is located in east-central Tucson, AZ. Situated just south of Grant Road between Country Club Road and Dodge Boulevard, residents enjoy direct access to all areas of Tucson by way of these major thoroughfares as well as Interstate-10, Interstate-19, and Oracle Road (State Route 77). Neighborhood conveniences and services in close proximity to the property include: Wells Fargo Bank, Walgreens, Whole Foods Market, CVS Pharmacy, Walmart Supercenter, Fry’s Food & Drug, and Sprouts Farmers Market.
Additional area dining and entertainment options are also nearby at the Tucson Mall, one of the most popular shopping malls in Tucson metro with approximately 1.2-million square feet of space that is home to 175 shops and restaurants including Dillard's, H&M, JCPenney, Macy's, REI, Old Navy, and The Container Store. Additionally, Sam Fox’s The Yard at Grant Road Lumber entertainment and dining complex lies less than one mile away from the property. The city's primary employer and economic driver, The University of Arizona (U of A), is also approximately two miles southwest of Midtown on Seneca Townhomes, making the property a convenient commute for employees and students alike.
Significant employers in the metro area include the Northwest Medical Center, Tucson Medical Center, University of Arizona, Banner-University Medical Center, Caterpillar, Texas Instruments Raytheon, and Davis-Monthan Air Force Base.
ABI Multifamily (https://www.abimultifamily.com/) is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Las Vegas, Tucson, and San Diego, 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.