350-001 70-411 MB2-700 400-101 MB2-702 70-410 MB2-703 200-120 70-461 C_TADM51_731 70-462 EX300 VCP-550 70-480 C_TAW12_731 70-484 70-498 70-646 98-361 98-366 A30-327 C_BOE_30 C_TSCM42_66 C2010-597 C2020-632 C2020-701 C2020-703 C2040-408 C2040-988 C2070-581 C2150-195 C2160-667 C2180-274 C4040-226 C4090-453 CAS-001 CSSLP C-TERP10-60 E20-018 E20-918 JN0-360 MSC-321 P2080-088 PC0-001 PEGACSA-v6.2 3I0-012 500-051 640-875 640-916 642-427 642-647 642-691 650-663 700-037 70-247

Multifamily Advisors from SVN Phoenix Sell Apartments near Tucson’s, U of A

Phoenix, Arizona – March 29, 2017 – Tucson is known for their major cross streets such as St. Mary’s Road and Speedway Blvd., but mostly known for its University of Arizona Wildcats and recent journey to make the Final Four in the NCCA Men’s College Basketball tournament. Though they were eliminated during the Sweet 16, they still did great! Student housing and multifamily properties in Tucson are widely spread out within miles of the University.  SVN Advisors, Chip Kloppenburg and Carrick Sears with the Desert Commercial Advisors office in Phoenix recently sold Malibu Apartments for $2.24 million.

The property is located only 3 miles from the University which makes the property a great investment for the new owner.  The seller stated they have interest in purchasing another assisted living property closer to home and home to them means the State of California.  With the market rents around the university, the seller was motivated to list the property for sale with SVN.  The 65 unit apartment complex is located at 3665 N. 1st Ave.

The buyer, Scott Brittenham with 3665 N. 1st Ave, LLC already owns approximately 100 units in Tucson and wanted to add to his multifamily portfolio. “I am confident that now is a great time to be acquiring well placed, well-run units, particularly in the central, northern, and northwest areas of town,” said Brittenham.  SVN advisor, Chip Kloppenburg who specializes in the multifamily property types is nationally known for his recent $17M sale in Tempe, AZ along with Sears. “In the end, we are excited that we were able to please both buyer and seller while overcoming a few hurdles during the process,” said Kloppenburg.

One of its sellers, Lou Bouc will be focused on finding new property in California but stated, “The SVN team was instrumental in finding the best buyer for this property. They cooperated well with another brokerage that brought in the best offer we moved forward with.”  SVN advisor, Carrick Sears said, “I am confident that we found the best buyer for this property by actively marketing this property to the entire brokerage community.”

When buyers and sellers are satisfied with the deal, all parties are pleased.  Bouc stated, “SVN went above and beyond!”

 

SVN | Desert Commercial Advisors is a full-service commercial real estate services firm providing comprehensive expertise in investment brokerage, leasing, landlord/tenant representation, analysis/valuation and market research. We specialize in multifamily, retail, office, medical/dental, and restaurant property types. Visit our website at www.SVNDesertCommercial.com for more information.

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Melissa Swader

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