Phoenix, Arizona – April 4, 2013 – Neil Sherman and Danny Lee, both Partners in the Phoenix office of Sperry Van Ness, LLC, recently closed the 37 unit Desert Atrium Apartments located at 8750 E Cooper Street in Tucson, Arizona.
This bank owned, 28,872 SF multifamily project received multiple offers as the market continued to improve. Desert Atrium closed at a sales price of $1,215,000, or $32,837 per unit, on March 27th. The buyers were Vincent and Irene Delaney, also of Tucson, who were represented by Tony Reed of Long Realty.
“The property has a desirable mix of one and two bedroom units with a number of long-term residents.” said Neil Sherman. “The buyer was looking for a value-add play, which this definitely was.”
Resource: Arizona Commercial Real Estate (AZ RE)