Glenn Terrace Apartment, the gated 28-unit, single story approved condominium in clusters of four sold for $1.8 million ($64,286 per unit) to Vista Real Estate Investments LLC of Arcadia, CA. The property is at 5301 - 5319 East Glenn Street in Tucson located at Glenn and Beverly.
Built in 1972, the property consists of fourteen 900 square-foot 2-bedrooms and fourteen 1,200-square-foot 3-bedroom units. Amenities include a pool, separate laundry facilities, a Ramada and covered parking. Individually fenced yards and common areas between clusters. Total square-footage of buildings is 27,020-square-feet on 1.97 acres.
Wells Fargo was the lender for the transaction.
Tony Reed of Long Realty Company in Tucson represented the seller, The Lake Investment Group LLC of Oro Valley (Larry Cochran, manager) and Bob Kaplan of Cushman & Wakefield | Picor represented the investor in this transaction.
Reed can be reached at (520) 577-7400 and Kaplan should be contacted at (520) 546-2737.
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[mepr-show rules="58038"]Sale date: 4/30/2014. Down Payment: $450,000, with Wells Fargo financing the balance. Property sold with a GSI of $264,600 and a vacancy loss of $19,845, with property 7.5% vacant at time of sale. Other income included $3,000 from laundry. Total expenses were $100,056. Property sold with an NOI of $147,699 or an 8.21% cap rate. APN: 110-09-413 thru 443, units 1 thru 28 and common elements A, B and C and limited common elements 1 thru 28 at Glenn Terrace Condominiums bk 63 pg 99.[/mepr-show]