TUCSON, ARIZ. – The 197-unit Wilmot Vista apartments, located at 3225 S. Wilmot Road, in Tucson, Arizona sold this month for $8,800,000.
Wilmot Apartments Enterprises LLC, a private real estate investor out of California was the buyer.
Bill Hahn, Trevor Koskovich, and Jesse Hudson of NorthMarq Multifamily in Phoenix represented the seller and procured the buyer in this transaction. “Wilmot Vista is another example of out-of-state buyers deploying capital in Tucson to take advantage of higher cap rates,” says Koskovich. “The Phoenix market is so strong that buyers are moving money to secondary markets like Tucson to acquire lower price-per-unit assets.”
Wilmot Apartments Enterprises LLC, an entity formed by Interurban Companies out of Denver, Colorado was the seller.
Wilmot Vista, built in 1984 and 1987, comprises 197-units situated on 6.51 acres. The community is a blend of 55 percent one-bedroom units and 45 percent two-bedroom units. The property, located on the east side Wilmot Road just south of Golf Links Road, near Davis-Monthan Air Force Base, which is one of the major employers in the immediate area. Wilmot Vista is also within driving distance to University of Arizona, which enrolls over 40,000 students.
About NorthMarq Multifamily
NorthMarq Multifamily offers commercial real estate investors a personalized approach to buying and selling multifamily and manufactured housing properties by combining local market knowledge with the strength of a national platform to develop creative solutions for real estate investment opportunities. Based in Phoenix, the team has a market-leading position in multifamily property sales in the Southwest region of the U.S. and collaborates with NorthMarq Capital’s debt and equity experts nationwide to provide a full range of capital markets services. For more information, visit our multifamily web page.
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. For more information, please visit www.northmarq.com.