(Read more on the multifamily market.)
TUCSON-Following a $1-million capital investment into upgrades,a California company has sold the 197-unit Portofino in thesouthwest submarket for $9.1 million to a first-time buyer in theTucson area, Investors Capital Group of Seattle.
Art Wadlund, a partner for Hendricks & Partners' Tucsonoffice, says Mabry Management Co. Inc.'s original plan was to buy,stabilize and sell the class B-minus complex at 1702 W. 36th St.,which it acquired in early 2005. When it came time to sell, theTorrance, CA-based owner was offering a 95%-occupied complex.
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