Cabo del Sol Apartments | 5600 South Midvale Park Road, Tucson, AZ 85746 | 136 Units | $21,100,000 | $155,147 Per Unit | $178.51 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, AZ. (December 12, 2024) – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $21,100,000 / $155,147 Per Unit / $178.51 Per SF sale of Cabo del Sol Apartments, a 136-unit multifamily apartment community located in Tucson, Arizona. The buyer and seller were represented by ABI Multifamily's Phoenix-based Institutional Arizona Team - Alon Shnitzer, Rue Bax, Eddie Chang, Doug Lazovick, and Tyler Bruggman in collaboration with ABI Multifamily's Tucson Apartment Team - Desiree Palmer and Ryan Kippes.
The buyer, Break of Day Capital, is based in California. The seller, Element Property Company, is a national multifamily investment firm, who acquired the property in 2020.
Cabo del Sol Apartments is a 136-unit, garden-style apartment community located in the Midvale Park submarket of Tucson, AZ. Situated on South Midvale Park Road just north of West Drexel Road, residents have easy access to downtown Tucson directly via an approximate 10-minute drive by way of the Interstate-19. In addition, a multitude of neighborhood conveniences, services, and entertainment options are located just two miles to the east at the Tucson Spectrum outdoor mall which include Target, The Home Depot, Ross Dress for Less, Best Buy, Discount Tire, Harkins Theatre, Sprouts Farmers Market, and Main Event.
Completed in 1999, the Cabo del Sol Apartments is constructed of wood frame and stucco with pitched tile roofing. The property features a unit mix which consists of 26 one-bedroom / one-bathroom units, 30 two-bedroom / one-bathroom units, and 80 three-bedroom / two-bathroom units with a weighted average of 869 square feet. Each unit is individually metered for electricity with individual hot water heaters. Unit interiors feature air conditioning / heating, walk-in closets, patios / balconies, vinyl wood flooring (select units), ceiling fans, access to cable and high-speed internet, as well as fully equipped kitchens with stainless steel appliance packages (select units). The gated community also provides its residents with a swimming pool / spa, clubhouse, laundry facilities, fitness center, business center, children’s playground, gated entry, and open parking.
Significant employers in proximity to the property include Banner University Medical Center South, Freeport-McMoRan, Walmart, Intuit, and the University of Arizona.
ABI Multifamily (https://www.abimultifamily.com/) is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Las Vegas, San Diego, and Tucson, the experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.