TUCSON-An area buyer has plowed the proceeds of a recent sale into the $10.85-million purchase of the 192-unit, 11-building Maguire Hill Apartments in the city's East-Central Corridor.
The class B complex, situated on 6.35 acres at 207 N. Maguire Ave., was 99% occupied at sale time. The buyer, James T. Szymanski of Phoenix, placed the winning contract within 24 hours, using money gained from his just-completed sale of Winterhaven East, a 40-unit apartment building, also in Tucson, to help fund the snap decision for the $11-million listing.
"We informed the buyer about the property and he decided to buy it," Art Wadlund with Hendricks & Partners' local office tells GlobeSt.com. "He was the first one to make an offer and the seller accepted it."
Wadlund says the seller, Maguire Hill Apartments Inc., is ready to retire not only from the area, but real estate in general. "This was his only asset here," Wadlund adds, noting the sale closes out a 15-year hold.
Wadlund says the 26-year-old complex not only is in excellent condition, but came with a tenant waiting list to further support its historical high occupancy. Szymanski, planning a long-term hold for the property, got a mix of one- and two-bedroom units measuring between 665 sf and 900 sf. The monthly rents are $455 to $610.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.