AZRE Magazine
The Tax Credit Group of Marcus & Millichap (TCG) announced today that it has closed a two-property, 425-unit multifamily portfolio transaction in Tucson, Ariz. Combined, the properties encompass a total of 405,904 square feet. The total sales price for the portfolio is $19,575,000.
The two properties are Casa de Colinas Apartments/Casa de Colinas Townhomes, a 205-unit market-rate asset that sold for $12,750,000, which equates to $62,195 per unit, and Mission Tierra, a 220-unit property constructed in 1993 under the Section 42 low income housing tax credit program. Mission Tierra’s initial tax credit compliance period ended in 2008 and there are extended use restrictions in place until 2023. The apartment complex sold for $6,825,000 or $31,023 per unit.
