Rich Butler of Marcus & Millichap's Phoenix office tells GlobeSt.com that the closing difficulties were related to the mortgage assumption. Butler represented John Pardi, principal of Pardi Properties.
The 97%-occupied complex at 3201 W. Ina Rd. is in line for some upgrades and rent increases. Butler says rent falls on the average of $50 per month less than the surrounding multifamily properties. Foothills Shadows also is flanked by upper-end residential and office components along the high-traffic Ina Road in Tucson's northwest submarket.
Pardi already owns 168 units in Tucson. Foothills Shadows was built in 1985 and delivered at that time as "an extraordinarily nice property," says Butler. James E. Warne III of Tucson was the developer and only owner in the 17 years since it was built.
Mike McClain of Marcus & Millichap's Tucson office represented the seller of record, Foothills Shadows Apartment LP. The complex was Warne's only multifamily holding, according to Butler.
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