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SoCal Multifamily Buyer Enters Arizona with $5M Purchase

TUCSON-A 1031 Exchange buyer shells out $4.5 million for the inroad, getting the 114-unit Catalina Palms, a class B complex with an 85% occupancy that drew eight offers. Cash flow and significant renovations, inside and out, help to fuel the interest.

By Jennifer D. Duell | Updated on December 22, 2004

TUCSON-The 114-unit Catalina Palms has traded hands for $4.5 million in an all-cash exchange between two California investment groups.

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.”

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