The property was on the market for about four months, according to a source at the Tucson office of Hendricks & Partners. Art Wadlund of the Tucson office of Hendricks & Partners negotiated the transaction for both sides. He was traveling this week and could not immediately be reached for comment.
Duncan, BC, Canada-based E.M. Gibson is the seller. Gibson had owned the 20-year-old, class C complex since the early 1990s. Average rents at the complex are $384 per unit per month. Average unit size is 539 sf. The complex was fully occupied at the time of the sale.
According to statistics published by Hendricks & Partners for the first quarter of 2002, average rents in the Tucson multifamily market are $551 per unit per month. Vacancies rates in the area are at 8.8% with over 16 multifamily properties in Tucson changing hands over the first quarter, per the report.
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