Tucson Apartment Property Trades for Nearly $30M
Casas Adobes Apartments, a 204-unit multifamily property at 6200 N. Oracle Road in northwest Tucson, sold for $28.7 million.
Real Estate Daily News reports the seller, GR Capital Partners, purchased the property in 2016 for $11.75 million. The buyer was WNC. The listing broker was Brett Polachek with Newmark in Phoenix.
The property, built in 1978, is an 18-building project with two- and three-story structures offering a unit mix of studio, one-bedroom, and two-bedroom floor plans. Amenities include a fitness center, two pools and spas, a clubhouse, laundry facilities, a business center, a dog park, and covered parking.
The property is located in the Oracle Road corridor within the Casas Adobes area.
GR Capital Partners is a private equity firm based in Highlands Ranch, Colorado, specializing in value-add multifamily investments in select markets across the country.
For over 50 years, WNC has acquired 1,725+ properties representing $20.2 billion in affordable housing nationwide.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout