Hamilton Zanze, a private San Francisco-based real estate investment company purchased the CentrePoint Apartments at 3220 W Ina Road in Tucson for $33.6 million ($105,000 per unit).
The 270,650-square-foot garden-style community in 21 buildings and 3,725-square-foot clubhouse were constructed in 1995, on 17.8 acres in the northwest submarket of Tucson. A total of 320-units consists of 46% one-bedrooms, 45% two-bedrooms and 9% three-bedroom-units had a 96% occupancy at time of sale.
CentrePoint Apartments offers two resort-style swimming pools, fitness center, clubhouse, outdoor grill and BBQ areas. Interior apartment amenities include full-sized washer and dryer, fully-equipped kitchens, fireplace, abundant closet space, and, in select apartment home, upgraded features include stainless steel appliances.
Located in Northwest Tucson, the community is bordered by River Road to the south, I-10 to the west, Oracle Road to the east, and portions of Oro Valley and Marana to the north. Near the Northwest Medical Center, The Oracle Road Commercial Corridor, and convenient for shopping at the Foothills Mall, Tucson Mall or Ina, Orange Grove, Thornydale retail plazas, or the new Premium Outlets in Marana. The community is only a few minutes away from Omni Tucson National Golf Resort, Arthur Pack municipal golf course, the NW YMCA, and has direct access to Linear Park.
The seller was Independence Realty Trust, an apartment REIT based in Philadelphia, PA that bought the property in December 2011 for $29.5 million with an occupancy of 91%.
Michael Sandahl and Martin Encinas with CBRE in Tucson represented the seller and the buyer was self-represented in the transaction.
Sandahl and Encinas can be reached at 520.323.5100 for more information.
To learn more, see RED Comp #3532.