Miraflores Apts Sold for $4.8M

 

 


 

 

 

“I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones.”

-Albert Einstein

 

By Justin Sumner September 9, 2014

Thomas Development Co. acquired the 140-unit Miraflores Apartments at 5180 E. 22nd St. in Tucson, AZ from Estes Company for $4.77 million, or about $34,000 per unit.

Previously known as Mayfair Manor Apartments, the 107,240-square-foot multifamily community consists of 20 one-bedroom, 104 two-bedroom, and 16 three-bedroom apartments across 16 buildings at the corner of Rosemont Ave., near the I-10 in Pima County. Units range in size from 550 to 880 square feet, with asking rents between $671 and $854 per month. Tenants enjoy a swimming pool, clubhouse, volleyball court, and barbecue area.

The facility, built in 1971 on 6.2 acres, is a stabilized Section8 property, and the sale includes the renewal of a 20-year Housing Assistance Payment (HAP) contract with the U.S. Dept. of Housing and the City of Tucson.

Jim Crews and Brett Polachek with Cushman & Wakefield teamed up with Bob Kaplan at Cushman & Wakefield | PICOR (now with Marcus & Millichap) to represent both the buyer and the seller in the sale.

 

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Facts of Arizona – year 1848 to 2013

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I am a successful Commercial Investment Real Estate Broker in Arizona now for 20 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial landspecialist in Phoenix and a Landspecialist in Arizona.

 

WHETHER YOU LEASE OR OWN

NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.

 

we are at on the a rise of the cycle in Commercial Real Estate.  so there is only one way and it’s called we are going up and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix.  The prices on deals I may get you will not be around forever.

 

If you have any questions about Commercial Investment Properties in Phoenix or Commercial Investment Properties in Arizona,  I will gladly sit down with you and share my expertise and my professional opinion in Commercial Properties in Phoenix or Commercial Properties in Arizona with you.Obviously I am also in this to make money, but it could be a win-win situation for all of us. 

 

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Thank You

Walter

Walter Unger CCIM

Associate Broker,  West USA Commercial Real Estate Advisers

7077 E. Marilyn Road, Bldg 4, Suite 130

Scottsdale, AZ 85254

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