Colliers International in Greater Phoenix recently completed the sale of Villas at Roger Road, a 232-unit Class B apartment building in Tucson, for $5.68 million, or $24,504 per unit.
Equilibrium Villas, LLC, of Washington, D.C., purchased the complex, located at 3985 N. Stone Ave., from Blue Valley Apartments, Inc. of West Palm Beach, Fla.
Bill Hahn, Jeffrey Sherman and Trevor Koskovich, Senior Vice Presidents of Colliers HSK Multifamily, served as the brokers for the buyer and the seller. Colliers HSK Multifamily uses the extensive resources of Colliers International to assist in the placement of debt, investment sales and appraisal services. By ensuring strong and efficient systems are in place for the marketing, acquisition and disposition of properties and providing superior service, Colliers HSK Multifamily has achieved the highest market share of sales of B and C-quality multifamily assets in Arizona.
“Villas at Roger Road presented an excellent opportunity to acquire an investment asset that could quickly appreciate through property repairs and the continued stabilization of income,” Sherman said.
The unit mix includes 88 one-bedroom and 144 two-bedroom/one-bathroom apartments, ranging from 500 square feet to 750 square feet. The building was constructed in 1984.