Wolcott Group Sells Tucson Asset for $37M
The property last traded for $7.5 million.
Wolcott Group has sold Commons on Stella Apartment Homes, a 199-unit community in Tucson, Ariz., for $37 million. The property last traded in 2017, when the former owner paid $7.5 million for the asset, Yardi Matrix data shows.
ABI Multifamily arranged the deal. The new owner is a California-based entity, according to the brokerage.
Commons on Stella is a garden-style community located at 6534 E. Stella Road, encompassing one-, two- and three-bedroom units. Apartments range between 745 and 1,025 square feet and are equipped with hardwood floors, a private enclosed backyard and washers and dryers. Common-area amenities include a playground, a business center, a clubhouse, a swimming pool and 275 parking spaces.
Completed in 1964, the 24-building property is in proximity of multiple retail and dining options, such as Walgreens and Walmart. The community is 3.4 miles from Park Place Mall, one of the largest shopping centers in Tucson, while the University of Arizona, Tucson Museum of Art and downtown Tucson are within 9 miles of the site.
Senior Partners Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group, together with Vice Presidents Desiree Palmer and Ryan Kipper from the company’s Tucson Apartment Team, worked on behalf of both parties involved.
This summer, ABI Multifamily closed the sale of two other Tucson communities. In July, the 248-unit Mission Antigua Apartments changed hands for $59 million, while Vertical Street Ventures paid $38.5 million for a 232-unit community the following month.