By Karen Schutte | Real Estate Daily News
Villa Pacifica Apartment at 4650 E 29th Street in Tucson was purchased by AWI VP, LLC an affiliate of Sullens & Associates of Scottsdale, AZ (Jordan Fisher, manager) for $5.48 million ($31,136 per unit). Property sold as a value-add transaction.
Built in 1986, Villa Pacifica is 10 buildings on 4.46 acres, all two and three level apartments with a good mix of 176—units in one-, two- and three-bedroom units. The 112,749-square-feet construction is wood frame and stucco with balconies, Spanish tile pitched roofs and pleasant landscaping and courtyards. The property has seen improved operating fundamentals in 2015 after management began addressing deferred maintenance issues, cleaned up.
The seller, Villa Pacifica Apartments of Sherman Oaks, a private investor, had owned and operated the property for over 10 years and while being well maintained, the property has not been updated and will benefit from more aggressive management.
