Developed in 1961, the building, listed for $2.65 million, rose as a hotel, but converted into apartments several years ago. "The attraction of this particular property was the location and potential upside on increasing rent," Hamid Panahi with Marcus & Millichap Real Estate Investment Brokerage Co.'s Tucson office tells GlobeSt.com about 3665 and 3703 N. First Ave. Also, the buyer, Louis M. Bouc of Mill Valley, CA, also owns the nearby 38-unit Westview Apartments on 219 W. Fort Lowell Rd., which is about five minutes away.
"There were a few offers on this deal," Panahi says. "I think we had the strongest buyer because of his experience, because his money went hard and because the seller knew he would close." The seller, Malibu Jac Inc.of El Paso, TX, was represented by Robert Nolan of Oxford Realty Advisors in Tucson.
The apartment complex is 98% occupied. It is a mix of studios, one-bedroom and two-bedroom units, measuring 600 sf, 650 sf and 725 sf, respectively. The average rent is $475 per month. Panahni says the buyer will manage the property himself.
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