ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western U.S., announced the $37,000,000 / $185,930 Per Unit / $205.20 Per SF sale of Commons on Stella Apartment Homes, a 199-unit multifamily apartment community located at 6534 East Stella Road, Tucson, AZ 85730. ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick in collaboration with ABI Multifamily’s Tucson Apartment Team – Desiree Palmer and Ryan Kippes, represented the buyer and seller in this transaction.
The buyer is based in California and the seller is based in Illinois.Commons on Stella Apartment Homes is a 199-unit, garden-style apartment community located in Tucson, AZ and prominently situated on Stella Road just south of Golf Links Road. In addition, a multitude of neighborhood conveniences and services are located nearby such as Safeway, Chase Bank, Walgreens, Wells Fargo Bank, UPS Store, Walmart Neighborhood Market, and Ace Hardware. Furthermore, numerous area dining and entertainment options are less than a 10-minute drive at Park Place Mall, one of the largest shopping destinations in Southeast Tucson. These aspects make Commons on Stella Apartment Homes a highly desirable community for its residents. Completed in 1964, Commons on Stella Apartment Homes is constructed of concrete block with flat roofs. The property features an attractive unit mix consisting of 30 one-bedroom / one-bathroom units, 109 two-bedroom / one-bathroom units, and 60 three-bedroom / one-bathroom units. Each unit is individually metered for electricity and gas with individual hot water heaters. Unit interiors feature air conditioning / heating, a full-size washer / dryer, hardwood floors, a private enclosed backyard, oversized closets, and kitchens equipped with a refrigerator, microwave (select units), and dishwasher (select units). Each unit is assigned one off-unit dedicated surface spot. The community also provides its residents with a swimming pool, splash pool, business center, clubhouse, children’s play area, picnic area with barbecues, and assigned parking. Additionally, portions of the land can be allocated for future development of additional units or amenities. Significant employers in proximity to the property include Davis-Monthan Air Force Base, Carondelet St. Joseph’s Hospital, and Raytheon.