TM6 LLC put more than $350,000 into improving Santaluz Apartments by sprucing up the landscaping, re-plastering the pool, remodeling the office and repainting the 5650 S. Park Ave. complex before putting it on the market, Mike McClain of Marcus & Millichap's Tucson office tells GlobeSt.com. The efforts were well worth it, he says.
Buyer Edward F. Streit of Aurora, IL, who owns property in the vicinity, jumped at the chance to take possession of the Tucson apartments, plunking down $6.4 million for the privilege. "It was an opportunity sale for the seller," says McClain, who represented TM6 LLC in the transaction.
For the money, the new owner got a recently refurbished complex with only 11 vacancies and monthly rents ranging from $450 to $550 per unit. Built in 1986, tenants in the 88 one-bedroom and 88 two-bedroom units get a host of amenities, including a pool, gym, playground and barbecue area, for their money, making the Santaluz Apartments a sought-after commodity in the Park Avenue and Drexel Road neighborhood, McClain notes.
The buyer, who was assisted in the transaction by Jim Walsh of Marcus & Millichap's Chicago office, has one upgrade to make. McClain says the complex's parking lot needs a total overhaul.
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