Tucson Asset Trades for $12M
- Jan 22, 2018
Irvington Meadows, an entity controlled by a private investment firm, has acquired two apartment communities in Tucson, Ariz., totaling 288 units. The seller, a limited liability company formed through Alpha Wave Investors, disposed of the two-asset portfolio for $12.2 million. ABI Multifamily brokered the transaction.
Quail Park and Quail Meadow, both built in 1986, are situated next to one another, at 1150 and 1120 E. Irvington Road, respectively. Quail Park comprises 96 one-bedroom, 16 two-bedroom units and 32 studios, which range from 400 to 820 square feet. Quail Meadow features 100 one-bedroom, 16 two bedroom units and 28 studios. The floorplans have an average size of 526 square feet. According to Yardi Matrix, both properties are at 97 percent occupancy as of last month.
Residents at the Quails communities have access to amenities such as:
- Fitness center
- Swimming pool
- Laundry facilities
- 200 parking spaces at Quail Park and 185 spaces at Quail Meadow
The two Tucson apartment communities are fewer than four miles from the city’s airport. The neighborhood features multiple dining and shopping opportunities within walking distance. The Southern Arizona VA Health Care System is also nearby, about two miles from the properties, while interstates 10 and 19 offer convenient access to the surrounding metropolitan area.
Robust job growth
The Tucson area has seen a rise in job opportunities, on the heels of multiple investments made over the past years few by various companies. Raytheon, one of the largest private employers in southern Arizona, announced the creation of 2,000 new jobs in the near future. C3, a call center and customer service firm, is also adding more employees to its Arizona roster, while WorldView’s SpacePort created similar opportunities for the submarket.
“Tucson, as a whole, is receiving tremendous investor interest from across the country. First, the region has experienced sustained job and population growth and secondly, there is very little in the way of new multifamily construction to hamper the continued workforce housing demand,” said Alon Shnitzer, senior managing partner at ABI & lead broker for the transaction, in a prepared statement.
Image courtesy of ABI Multifamily