TUCSON-The 180-unit Village at the Foothills Apartments has sold for $16.2 million to a local developer who plans to spend another $5.7 million to turn the units into luxury condominiums.
Ken McElroy with MC Realty Advisors of Tucson tells GlobeSt.com that exterior work on the 2600 W. Ina Rd. property should begin in 60 to 90 days. The first units will be marketed for sale in first quarter 2006. The complex, located across the street from Tucson Mall, is expected to sell out by the end of next year.
"The property is well positioned from a visibility standpoint," McElroy says. "We think the units will be in demand. In fact, several residents who have lived there for a long time have already expressed interest in buying."
Built in 1989 as a luxury apartment complex, the 21 two-story buildings feature single-level one- and two-bedroom units along with two-story, two-bedroom townhomes, which will be remodeled at a cost of about $20,000 per unit. The condos will be marketed for $140,000 to $220,000. The complex, which has units averaging 1,000 sf, includes a pool, spa, clubhouse, business center and fitness facility.
McElroy says he and partner, Ross McCallister, selected the Village at the Foothills because of their familiarity with the local market. The development firm converted and sold out the 136-unit Reflections in the Catalinas in Tucson. The firm also developed the 376-unit Grand Canyon Condominiums and 440-unit Trails Condominiums in, both in Las Vegas, and will close later this month on another complex, Scottsdale Crossing in Scottsdale.
The Village at the Foothills was sold by DOC Investors LLC of San Diego. According to local tax records, the asset's 2004 assessment is $4.2 million.
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