Arvada LLC, led by Joseph Buczhowski, sold Two Triplexes, a six-unit asset at 20-30 E. Mills Dr., to MBM Trust in Los Angeles and the 28-unit River Garden Apartments at 600 E. Bromley St. to M Infinity LLC of Oakland, CA. The triplexes reeled in $500,000 while River Garden changed hands for close to $1.83 million.
According to Hamid Panahi, an apartment associate with Marcus & Millichap Real Estate Investment Brokerage Co.'s Tucson office, the buyers in both transactions "wanted a property that was clean, meaning no improvements necessary, 100% occupied and in a good location." The tenant mix in both buildings is strong as well, he adds.
Both complexes contain only two-bedroom units. Built in 1991, Two Triplexes' units average 875 sf and rent for $660 per month. River Garden's units, completed in the mid-1990s, measure 850 sf and rent for $625 a month.
The seller has only one remaining property in Tucson, which is currently in escrow. "He's owned the properties for awhile and is ready to move on," Panahi tells GlobeSt.com, adding the seller's plan is to focus on his Colorado properties.
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