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TUCSON-A 77-unit apartment complex built in 1965 has been sold to a Tucson investment firm for $1.53 million.

Old Orchard II LLC picked up the Avalon Terrace apartment complex from seller Via Esperanza LLC of Orangevale, CA when the former owner decided to divest some of its Arizona properties. Brett Polachek of CB Richard Ellis Inc.’s Phoenix office, tells GlobeSt.com that the deal on the 71,000-sf complex was part of a 1031 Exchange for Old Orchard, which purchased the 4141 E. 29th St. complex for investment purposes.

“It was appealing because it gave (the buyer) a chance to add to the value by putting something into the property and increasing rents,” said Polachek, who represented the seller along with Todd Braun and Michael Chapman. The 37-year-old apartment complex is composed of one studio, 11 one-bedroom, 62 two-bedroom and a trio of three-bedroom apartments.

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