(To read more on the multifamily market, click here.)
TUCSON-Tierra Palms, a 120-unit, class B complex, has sold for $4.7 million to a 1031 exchange buyer after just one day on the market. Logan Point LLC of Gardena, CA made the first and only offer for the 13-year-old complex in the city's southwest sector.
"This was the easiest sale I've ever done," Art Wadlund, an investment broker with Phoenix-based Hendricks & Partners, tells GlobeSt.com. "I didn't even have to market the property." The just-sold complex at 6420 S. Camino de la Tierra is the buyer's first investment in Arizona.
Located in a blue-collar neighborhood, the 98%-leased Tierra Palms is a mix of 76 one-bedroom and 46 two-bedroom apartments. Units range from 532 sf to 772 sf; rents run from $489 per month to $579 per month.
"Tierra Palms is a nice, well-leased property," Wadlund says. Seller WA Mountain Shadows LLC of San Diego acquired the complex about 18 months ago as a value-add opportunity. "He fixed it up and sold it as a long-term investment," he says.
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