Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TUCSON-A private investor from Bakersfield, CA, has acquired the 125-unit Las Casitas Village Apartments for $4 million. The class C complex, 92% leased at sale time, is positioned in a revitalized neighborhood.

Buyer Ann M. Boyce marked her third acquisition in Tucson with the acquisition of the 4100 E. 29th St. property, taking the portfolio to 221 units. “(Boyce) is selling all of her assets in Bakersfield and investing in Tucson,” says John C. Buette, an investment adviser with Sperry Van Ness. Buette represented Boyce and the seller, Encinitas, CA-based Sandstone Equities LLC in the transaction. “She feels that the market is at its peak in Bakersfield and feels that Tucson is an excellent place to invest,” he tells GlobeSt.com.

Buette says Boyce acquired Las Casitas Village in an off-market transaction and on a contingency basis. He had a prior relationship with Sandstone Equities, having sold Las Casitas Village to the investor in April 2003. As part of the contingency, Sandstone Equities was willing wait for Boyce to sell one of her properties before closing the Las Casitas deal. If she was not able to sell, the deal was off with no consequences to either party.

Built in 1964, Las Casitas consists of 15 building on 6.4 acres. The complex contains one studio, 16 one-bedroom units, 56 two-bedroom apartments and 52 three-bedroom designs, averaging 863 sf. Rents range from $400 to $600 per month.

According to Buette, Boyce “has knack for taking C properties that are being mismanaged and creating value through better management.” She typically will improve the tenant profile, increase rents and cut down on expenses. He says Boyce plans to complete some minimal upgrades including repairs to the roof and parking lot. Boyce obtained new financing for Las Casitas Village from San Jose, CA-based La Jolla Bank.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.