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West Coast Group's $8M Takes 95%-Leased Complex

TUCSON-A group of Carmel Valley, CA investors make their fourth buy in the Valley with the acquisition of Deerfield Village on Fort Lowell for $8.3 million. The class B complex get 10 offers in a one-month marketing period.

By Jennifer D. Duell | Updated on October 07, 2004

TUCSON-A group of West Coast investors has paid $8.3 million for the 225-unit Deerfield Village on Fort Lowell, pushing ahead of nine other offers that went on the table during a 30-day marketing period.

The Carmel Valley, CA-based DVA225 Partners LLC and Bellevue, WA-based Vintage Deerfield LLC nabbed the 3201 E. Fort Lowell Rd. property at a 7.25% cap rate. “Deerfield Village has a strong location and is in very good condition,” says Art Wadlund of Hendricks & Partner’s Tucson office, who brokered the deal on behalf of the buyer and the seller, Santa Rita Deerfield LP of Waterloo, Ontario.

The class B community, which is located in north central Tucson just two miles from the University of Arizona, offers a strong infill location. It was built in 1986 and is about 95% occupied with average rents of $543. The complex has 116 one-bedroom apartments, 109 two-bedroom apartments, heated swimming pool and laundry facilities. According to Wadlund, the new owners have no plans to make any improvements to the complex.

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