CBRE has completed the sale of Centrepoint, a 320-unit multifamily community located at 3220 West Ina Road in Tucson. The property commanded a sale price of $33.6 million and was 96 percent occupied at the time of sale.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office, along with Mike Sandahl with the firm’s Tucson office, negotiated the transaction. The seller was Independence Realty Trust of Philadelphia, PA. The buyer was San Francisco, CA-based Hamilton Zanze.
According to Cunningham, “Centrepoint presents investors significant value-add upside. Extensive capital improvements were recently completed at the property and by executing an interior upgrade program, the buyer has further opportunity to add value and increase NOI.”
Centrepoint is centrally located on Ina Road with proximity to Interstate-10. This location provides convenient access to Tucson’s major employment clusters, including Tucson’s Central Business District as well as two of Tucson’s largest employers, Raytheon and Davis-Monthan Air Force Base.
Centrepoint features spacious one-, two- and three-bedroom floor plans situated on a desirable low-density site plan. Community amenities include courtyards with barbeque areas, two resort-style pools, state-of-the-art fitness center and resident clubhouse. Individual residences feature nine-foot ceilings in select units, private patios and balconies, spacious walk-in closets and full-sized washer/dryers.