The ORION Multifamily Group of Orion Investment Real Estate is pleased to announce the closing of the 70-unit, San Simeon Condominiums for $3,465,000 ($49,500 per unit). The property was originally built in 1963 and rebuilt in 2012. The seller, San Simeon Apartment Partners, LLC, purchased the property in 2011 for $700,000 ($10,000 per unit) from a lender who had foreclosed on the property and in 2012 completely rebuilt the property.
“This was a unique opportunity to acquire a virtually new condominium project, with majority 2 bedroom unit types, which later could be sold as individual units. Part of the key to this marketing assignment was to find a buyer that would appreciate the future value of condos and the buyer in this case was an experienced home buyer from the Phoenix market,” stated Alon Shnitzer with the Orion Multifamily Group.
John Kobierowski and Shnitzer with the Orion Multifamily Group led their team in this transaction on behalf of the buyer, San Simeon East Golf Links, LLC, a private group, based out of Gilbert, AZ. The acquisition of San Simeon Condominiums is their first multifamily/condominium purchase in Tucson, AZ.
“The seller of this property is an experienced Arizona apartment operator and owner. Throughout the years we have represented them on multiple purchases and sales. The sale of San Simeon Condominiums is their last property in Tucson,” stated Kobierowski.
San Simeon Condominiums is located adjacent to Davis Monthan Air Force Base. The residence includes a pool, children’s playground, mature landscaping and private gated courtyards. In unit amenities include washer/dryer hook-ups, granite counter tops, tile flooring, upgraded lighting, new appliances and private patios or balconies. San Simeon Condominiums offers a diverse unit mix of one, two and three bedroom unit types, with an average square footage of 838.