Cushman & Wakefield announced today the $11.75 million sale of Casas Adobes, a 204-unit apartment complex located at 6200 N. Oracle Rd. in Tucson, Ariz., to Colorado-based GR Capital Partners.
Brett Polachek and Jim Crews from the Cushman & Wakefield Phoenix office and Allan Mendelsberg of Cushman & Wakefield | PICOR Commercial Real Estate Services represented the owner, Casas Adobes Partners V, LLC of Torrance, Calif.
Built in 1978, the apartment community contains 156,280 square feet of space and is currently 95% occupied. Casas Adobes offers studio, 1- and 2-bedroom floor plans with average unit size of 766 square feet. “The buyer plans to continue with unit renovations as the seller experienced additional rent for upgraded interiors,” said Polachek.
The garden-style community is located within the Catalina Foothills, which is considered to be one of the most affluent areas in northwest Tucson. Situated 4.5 miles east of I-10, the property offers convenient access to the University of Arizona, downtown Tucson’s business and government core, along with a number of restaurant and shopping options.