The Multi-Family team, consisting of Allan Mendelsberg and Joey Martinez, had an exceptional week, marked by three remarkable sales where they represented all parties involved. The properties include Monte Vista Commons, The Compound Luxury Student Housing, and Pima Commons, which collectively accounted for an impressive total of over $7.7 million dollars.
Firstly, we have Monte Vista Commons, a three-star, low-rise apartment complex located on the east side of Tucson. Comprising 36 units, this captivating property was acquired by Monte Vista Apartments, LLC for a substantial sum of $3,100,000, equating to an impressive $86,111 per unit. Constructed in 1992, the apartment complex has a secure gated entry and offers a diverse range of living arrangements, including cozy studios and comfortable 3-bed/1-bath units. To enhance the residents’ experience, Monte Vista Commons offers an array of amenities such as a basketball court, laundry facility, playground, and a serene courtyard. Additionally, the units have undergone extensive upgrades, featuring vinyl flooring, refurbished kitchens, modern fixtures, and select units include brand-new dishwashers.
Moving on to the second sale, we have The Compound Luxury Student Housing, a property comprised of 7 homes nestled in the heart of central Tucson, just a stone’s throw away from the University of Arizona. This property was acquired by 774 E Seneca LLC for an impressive $2,925,000, amounting to approximately $417,857 per home. Built in 2012, The Compound Luxury Student Housing offers a unique and enticing design, showcasing six 4-bedroom, 4-and-a-half-bath units, along with an additional single-family residence that includes 4 bedrooms and four-and-a-half bathrooms. Students seeking a luxurious and convenient living experience will find this property ideal, with its close proximity to the University of Arizona and an array of amenities, including a refreshing pool, relaxing hot tub, and numerous shaded common areas for tenants to enjoy. The units themselves include concrete flooring on the main level, plush carpeting upstairs, and the added convenience of individual washers and dryers.
Lastly, we have the final sale, Pima Commons apartments, an investment property encompassing 16 units spread across two properties situated in the Palo Verde submarket. Pima Cottages LLC acquired this property for a commendable $1,665,000, valuing each unit at $104,062. Benefitting from a prime location in close proximity to the University of Arizona and Historic 4th Avenue, Pima Commons presents an attractive opportunity. The property is divided into two components: the Pima property, constructed in 1952, comprises 10 units spread across four different buildings, offering a diverse mix of studio, 1-bedroom/1-bath, 2-bedroom/1-bath units, and even a single-family home. Residents can enjoy various shared spaces, private parking, a communal laundry facility, and a secure gated dog area. The Camilla property, built in 1937, includes six units within a charming two-story and single-story building. This property offers lush landscaping, convenient on-site laundry facilities, refreshing air conditioning, and reserved parking spaces for the residents’ comfort and convenience.
In summary, Allan Mendelsberg and Joey Martinez of the Multi-Family team at Cushman & Wakefield | PICOR had a highly successful week, with sales totaling over $7.7 million dollars. Their expertise and dedication shone through in the transactions of Monte Vista Commons, The Compound Luxury Student Housing, and Pima Commons.