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$7M Buy Paves Market Inroad

TUCSON, AZ-With occupancy north of 95%, the 167-unit Sunrise Apartments in the Campbell Corridor corner $6.5 million from a first-time Arizona buyer, who's now planning to spend another $250,000 on renovations.

By Lee Simmons | Updated on May 24, 2004

TUCSON, AZ-A Seattle buyer has inked a $6.5-million purchase for the Sunrise Apartments in the city’s Campbell Corridor submarket. A $250,000 facelift is in the cards for the 167-unit property.

“It’s a great location on the corner of a really good street. The property had an extremely high occupancy at closing, over 95%,” Art Wadlund, a partner at Hendricks & Partners’ local office, tells GlobeSt.com. The complex at 3636 N. Campbell Ave. generated some 15 offers during a three-month marketing campaign that eventually led to a two-month escrow. The seller, South Washington Associates LLC of Shelton, WA, decided to unload the property as a result of the partnership’s dissolution.

The first-time Arizona buyer, Tucson Sunrise LLC of Seattle, closed $150,000 below the asking price, according to Wadlund. The buyer obtained a 10-year, $4.7-million loan from Southfield, MI-based EF&A Funding LLC at a 5.55% interest rate.

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