The new owner, Joseph A. Adams of Phoenix, plans to convert the units at 3600 N. 5th Ave., near the area's central corridor, into condominiums. The conversion rate per unit and price tags were not available.
"The buyer is an active investor here in the market, but this is his first apartment deal," says Cliff David, associate with Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office, who, with Ric Holway, represented the seller, Fred Meyers of Pierre Apartments LLC in Tucson. David tells GlobeSt.com that the seller wants to move into other types of commercial real estate, but the replacement product hasn't been picked as yet for the reinvestment.
Built in 1961, the three-story building, situated on about three-quarters of an acre, is about 90% occupied. It features four one-bedroom units, 17 two-bedroom apartments, two three-bedroom designs and a pair of four-bedroom layouts. Units average 1,520 sf. The monthly rents range from $738 to $1,550.
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