Steve Clark of San Francisco has taken title to the Casa Blanca Apartments at 819 N. 1st Avenue. The seller is David Burns Revocable Trust of Tucson, which had owned the property for 24 years.
The sale price equates to $27,440 per unit. The complex is about a half-mile west of the University of Arizona main campus, and about two miles east of Interstate 10.
The property has been purchased for close to the average price paid for complexes that are 25 years old or older. The average price per unit for complexes that age is $27,530, according to a survey by Hendricks & Partners. The marketwide average price that is being paid is $35,529. The average rent for apartments in that area is $479 per month, in comparison to $528 per month overall. Broker Mike McClain of Marcus & Millichap's Tucson office has represented both parties in the transaction.
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