Bellevue Tower Apartment Homes | 3710 - 3730 East Bellevue Street, Tucson, AZ 85716 | 90 Units | $5,240,000 | $58,222 Per Unit | $54.72 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, Ariz. – January 2, 2020: ABI Multifamily – the leading multifamily brokerage and advisory services firm in the Western US – is proud to announce the $5,240,000 / $58,222 per Unit / $54.72 per SF sale of Bellevue Tower Apartment Homes in Tucson, Ariz.
The property was developed in two phases. The 56-unit Tower Phase was built in 1969, and the 34-unit Garden Phase was constructed in 1972. Bellevue Towers is located in the East Central Tucson submarket, which is enjoying a renaissance in redevelopment — particularly in hospitality-focused projects — with three developments estimated at nearly $100 Million in total construction costs in various stages of planning and development.
The property features an attractive unit mix of one-, two-, and three-bedroom offerings, with an average size of more than 1,050 SF. Common area amenities include a central lobby and office, a large pool area, a central courtyard with a water feature, and three on-site laundry facilities. The two-story townhomes offer laundry hook-ups in the units, and the four-story tower is elevator-served.
ABI Multifamily’s Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang, along with Ryan Kippes of ABI’s Tucson office, represented both the Buyer and the Seller.
Regarding the transaction, Shnitzer said, "Tucson remains a highly desirable and robust market for multifamily opportunities. While rents are cooling in much of the country, Tucson’s Year-over-Year rent growth between Q3 2018 and Q3 2019 was an impressive 8.1%. The city also boasts a low unemployment rate of 4.1% and Year-over-Year employment growth of 1.9%. These factors, combined with the area’s significant economic development efforts and the fact that the average year built for multifamily developments is 1971, make Tucson an outstanding market in which to invest, particularly for owners considering value-add opportunities.”
The Buyer is an investment group based in Arizona that is focused almost exclusively on value-add and workforce apartments. The Seller is a family trust based in California.
ABI Multifamily (http://www.abimultifamily.com/) is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Tucson, Sacramento and San Diego, 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.