Tucson is known for their major cross streets such as St. Mary’s Road and Speedway Blvd., but mostly known for its University of Arizona Wildcats and recent journey to make the Final Four in the NCCA Men’s College Basketball tournament. Though they were eliminated during the Sweet 16, they still did great! Student housing and multifamily properties in Tucson are widely spread out within miles of the University. SVN Advisors, Chip Kloppenburg and Carrick Sears with the Desert Commercial Advisors office in Phoenix recently sold Malibu Apartments for $2.24 million.
The property is located only 3 miles from the University which makes the property a great investment for the new owner. The seller stated they have interest in purchasing another assisted living property closer to home and home to them means the State of California. With the market rents around the university, the seller was motivated to list the property for sale with SVN. The 65 unit apartment complex is located at 3665 N. 1st Ave.
The buyer, Scott Brittenham with 3665 N. 1st Ave, LLC already owns approximately 100 units in Tucson and wanted to add to his multifamily portfolio. “I am confident that now is a great time to be acquiring well placed, well-run units, particularly in the central, northern, and northwest areas of town,” said Brittenham. SVN advisor, Chip Kloppenburg who specializes in the multifamily property types is nationally known for his recent $17M sale in Tempe, AZ along with Sears. “In the end, we are excited that we were able to please both buyer and seller while overcoming a few hurdles during the process, said Kloppenburg.
One of its sellers, Lou Bouc will be focused on finding new property in California but stated, “The SVN team was instrumental in finding the best buyer for this property. They cooperated well with another brokerage that brought in the best offer we moved forward with.” SVN advisor, Carrick Sears said, “I am confident that we found the best buyer for this property by actively marketing this property to the entire brokerage community.”
When buyers and sellers are satisfied with the deal, all parties are pleased. Bouc stated, “SVN went above and beyond!”