Tucson Vintage Properties Trade for $16M
CBRE has arranged the $16 million ($54,237 per unit) sale of a three-property multifamily portfolio in Tucson totaling 295 units, along with a 2.8-acre multifamily development site. CBRE’s Jeff Casper represented the seller, Desert Ventures LLC. IPM Investments acquired the portfolio, marking its first multifamily purchase in the Tucson market. CBRE’s Casper says the project is ideal for “a transformational repositioning.”
The Desert Ventures Portfolio included:
- Royal Palms Apartments – 136 units built in two phases (1963 & 1965) on 4.13 acres with seven two-story masonry buildings. Recent upgrades include individual roof-mounted heat pumps, upgraded electrical panels, new steel entry doors with keyless entry, and pool renovations in 2017 and 2021.
- Royal El Con Apartments – 150 units built in 1966 in the Miramonte neighborhood, featuring a mix of one- and two-bedroom units across one-, two-, and four-story buildings.
- Villa El Con Casitas – 9 casita-style units.
- Development Site – 2.793 acres zoned for multifamily.
Amenities include two swimming pools and two self-service laundry facilities.
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
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Josh A
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Bob Tuteur
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Andrew Schildcrout