The Richard and Lavonda Lee Jones Revocable Trust of El Cajonpurchased the class B complex at 1625 E. Prince Rd. with proceedsfrom a 1031 Exchange of multifamily assets in San Diego. The sellerwas Catalina Palms LLC of Thousand Oaks.
"The buyer has relatives in Tucson and really liked the area,"says Art Wadlund, a partner in the Tucson office of Hendricks &Partners. "They wanted to invest in Tucson."
Wadlund tells GlobeSt.com that the trust beat seven other buyersto take possession of the 40-year-old complex. "It has a goodlocation and nice unit mix…It's a good cash-flow investment," hesays, adding Catalina Palms has undergone a significant exteriorand interior renovation in the past five years.
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