OFFER DEADLINE - MARCH 28, 2019

A 368-Unit Apartment Community

Located Adjacent to Large Medical Office Plaza and Near Northwest Hospital in Northwest Tucson, Arizona

reasons to purchase

Great Upside By Continuing Unit Renovations

The property has implemented interior renovations to various degrees over the last few years. The most recent fully upgraded units have achieved a 30% ROI. A buyer should continue renovating non-renovated units and upgrade partially upgraded units to a higher level to meet the market demand and maximize rents and returns. All units have full-size washers and dryers.

Reasons to Purchase

Substantial Retail Nearby

Palm Canyon is located less than two miles from two large retail areas:

  • Thornydale Road between Orange Grove Road and Ina Road (including intersections) contains well over 1 million SF of retail. These retailers include Fry's Food and Drug, Albertsons, Sprouts Farmers Market, Basha's, Home Depot, Lowe's Home Improvement, Conn's HomePlus PetSmart, Target, Top Golf, CVS, Dunn Edwards, along with many fast food and casual restaurants.
  • The Foothills Mall area is undergoing renovations and is at the beginning stages of a complete redevelopment. These upgrades include constructing roads through the existing mall and the addition of more retail and likely one or more hotels.

 

Investment Highlights

 

  • Adjacent to a large medical office plaza and is situated near Northwest Hospital.
  • Located within two miles of 1M+ SF of major retail in two directions.
  • 30% ROI on recently renovated units – great upside in continuing the unit renovations.
  • Convenient to Interstate 10, Tucson's Central Business District, and employment.
  • One of the largest apartment communities in Tucson – great scale for management and expenses.
  • All units have full-size washers and dryers.

Investment Advisors & mortgage advisor

Art Wadlund

Senior Managing Director

520.299.7200

Art.Wadlund@berkadia.com

Clint Wadlund

Director

520.615.1100

Clint.Wadlund@berkadia.com

 

Clay Akiwenzie

Managing Director

415.646.7716

Clay.Akiwenzie@berkadia.com

 

TUCSON OFFICE

2 East Congress Street, Suite 1050

Tucson, AZ 85701

Phone: 520.299.7200

Berkadia.com

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
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