90-Unit Complex in the Garden District of Tucson trades for $7.5 Million

By Rose Law Group Reporter

Tucson, Arizona – Bellevue Tower Apartment Homes, a 90-unit complex located on Alvernon Way and Speedway Boulevard in Tucson, Arizona, sold today for $7,500,000, $83,333 per unit, or $77.77 per square foot. The project was 98% occupied at the close of escrow. Zack Mishkin of ORION Investment Real Estate represented both the Buyer and the Seller in the transaction. The Seller, Bakerson LLC, an Arizona Limited Liability Company, is a local family office specializing in wealth generation through strategic Real Estate acquisition and dispositions. The Buyer, Zona Investments SPE LLC, an Arizona Limited Liability Company, is lead by Sergey Shukhat, a local owner/operator who specializes in value-add repositions.

Bellevue Tower Apartment Homes’ Tower Phase was constructed in 1969 consisting of 56 units in a four-story building, and its two-story Garden Phase with the remaining 34 units was constructed in 1972. The two-story units include full-size washer and dryer hook-ups and yards; the tower phase includes covered parking and an elevator. The complex in its entirety has an extremely attractive unit mix of one, two, and three bedroom units (87% two and three bedroom units).

There are eight different spacious floor plans to choose from. Amenities include a sparkling swimming pool, fountain corridor, barbecue area, central lobby/office, business center, laundry facilities, and ample parking.

Bellevue Tower Apartment Homes is located at 3710-3730 East Bellevue Street in the Garden District of Tucson. The Garden District of Tucson is centered around the beautiful Tucson Botanical Gardens, benefiting from the multitude of retail options along Speedway Boulevard.

The property is just a few minutes drive to the University of Arizona (45,918 enrollment).

Zack Mishkin commented on the transaction, “Bellevue Tower Apartment Homes was an offmarket transaction, yet the Owners were inundated with unsolicited offers from various buyers.

This is exemplary of the increasing investor interest in the Tucson market.”

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June 2021