The Richard and Lavonda Lee Jones Revocable Trust of El Cajon purchased the class B complex at 1625 E. Prince Rd. with proceeds from a 1031 Exchange of multifamily assets in San Diego. The seller was Catalina Palms LLC of Thousand Oaks.
"The buyer has relatives in Tucson and really liked the area," says Art Wadlund, a partner in the Tucson office of Hendricks & Partners. "They wanted to invest in Tucson."
Wadlund tells GlobeSt.com that the trust beat seven other buyers to take possession of the 40-year-old complex. "It has a good location and nice unit mix…It's a good cash-flow investment," he says, adding Catalina Palms has undergone a significant exterior and interior renovation in the past five years.
The 23-building Catalina Palms has 40 studios, 13 one-bedroom units and 61 two-bedroom apartments. The average unit is 629 sf; average rent is $507 per month. The complex is about 85% leased.
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