Tucson's Largest Apartment Complex Sells for $20.85 Mil.

TUCSON-The largest apartment complex in the city has been purchased for $20.85 million by a Phoenix-based company that plans to turn the complex into a full-service retirement center. Christian Care Communities purchased the Villa Serenas Apartments, a 611-unit complex at 8111 E. Broadway. The purchase price translates into $34,124 per unit.

The non-profit company, sponsored by the non-denominational Christian Churches of Arizona, operates a number of retirement housing centers in the state. The non-profit has renamed the complex Fellowship Square and plans to spend more than $2 million to completely refurbish the property, including the addition of an 11,000-sf dining and recreational facility. Chicago-based Equity Residential Trust was the seller.