Tucson Value-Add Asset Changes Hands
- Apr 20, 2018
Ennabe Properties acquired a 60-unit community in Tucson, Ariz., for $2.6 million. Alpha Wave Investors sold the property, which it acquired last year for $1.9 million, according to Yardi Matrix. An ABI Multifamily team represented both parties in the transaction.
Skyline Park Apartments is located at 5290 S. Park Ave. in southern Tucson. The community comprises 36 one-bedroom and 24 two-bedroom units, 455 and 667 square feet in size. The net rentable area totals 32,388 square feet. Previous ownership implemented several improvements to the 1985-built community. These include a renovated swimming pool, a new playground area and a leasing office. Other capital improvements were made to the exterior and approximately 90 percent of units received interior renovations.
A value-add market
The property is near the Grant Plaza South shopping center and several schools. Shopping and dining destinations line up along 12th Avenue, about two miles from Skyline Park. Tucson International Airport can be reached in about 10 minutes by car. Major thoroughfares nearby include interstates 10 and 19.
“Alpha Wave Investors has become one of the top value-add players in the Tucson market for implementing effective repositioning and renovation campaigns that usually lead to increased property values, while simultaneously providing more turn-key investment opportunities to the new owner. (…) The Tucson MSA is experiencing a surge in value-add investments because of limited new supply and continued population and jobs growth,” said Alon Shnitzer, senior managing partner at ABI, in a prepared statement.
Shnitzer, along with John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang facilitated the transaction.
Image courtesy of ABI Multifamily