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Tucson Investors Ink $8M Apartment Purchase

TUCSON-An investment group buys the 270-unit Tamarack Apartments for $7.6 million. Future growth is in the cards for the complex, which lies just within the border of the city's massive $800-million Rio Nuevo economic redevelopment project.

By Lee Simmons | Updated on April 19, 2004

TUCSON-Jenco Tamarack LLC of Tucson has purchased the Tamarack Apartments for $7.6 million from Fowler Flanagan, a Larkspur, CA, REIT. The 270-unit complex is well positioned for future growth with its close proximity to an $800-million Downtown economic redevelopment project presently under way.

“Obviously the architecture of the building is very nice. It’s a real attractive property for a pretty reasonable cost per unit. The cost per unit here is $28,000, which is $10,000 to $14,000 less than Tucson’s average,” Nathaniel Buus, a broker at Grubb & Ellis/BRE Commercial’s Tucson office, tells GlobeSt.com. Buus works with Mike McClain, who represented both parties in the deal.

The 11-building Tamarack Apartments sit at 1111 W. St. Mary’s Rd., a mile west of the University of Arizona and a mile east of Pima Community College. The two- and three-story buildings were constructed in 1985 and are almost entirely comprised of one-bedroom units, with only 30 two-bedroom units. Rents range from $399 to $619 per month. The complex was only 5% vacant at closing, beating the market average of 9% for multifamily properties. Amenities include a weight room, laundry facilities, pool, racquetball and tennis courts and a club house.

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