Paseo Del Sol in Tucson sells for $33.65 million
Northmarq Phoenix’s Investment Sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle brokered the $33.65 million sale ($221,382/unit) of Paseo Del Sol, 6280 South Campbell Ave. in Tucson, Arizona. The team represented the seller, AndMark Management Company of Los Angeles. The buyer was Element Property Company, LLC of Los Angeles. Northmarq Phoenix’s Debt & Equity team of Griffin Martin, Brandon Harrington, Bryan Mummaw and Tyler Woodard financed the acquisition with a $27.2 bridge loan.
“Element continues to expand their footprint in Tucson and Southeastern Arizona,” according to Griffin Martin, Managing Director, Debt & Equity, Northmarq. “With their newest acquisition of Paseo Del Sol they plan to enhance the community with investments in interior and exterior improvements.” In 2021, Element acquired three Tucson properties with a combined total of 724-units, as well as two other Arizona multifamily properties, a 192-unit community in Sierra Vista, Arizona and a 312-unit community in Yuma.
Paseo Del Sol is a garden-style community located near Davis-Monthan Air Force Base which employees over 10,000 workers and is a short commute to the University of Arizona which employs over 12,000 and has a student enrollment of over 46,000.
“Paseo Del Sol was a value-add opportunity for Element to come in and strategically reposition the asset with renovations that will allow them to gain substantial revenue growth,” added Jesse Hudson, Senior Vice President, Investment Sales, Northmarq.
Built in in 1994, Paseo Del Sol has 38, two-story buildings that includes an equal split (76 each) three-bedroom, two bathroom and four-bedroom, two-bathroom units that range in size from 1,050 to 1,150 square feet. The community amenities include a pool, clubhouse and covered parking.
Element Property Company is a real estate investment firm focused on acquisition of multifamily properties in markets across the U.S. They target properties in locations with strong job growth.