Chartwell Capital Buys Multifamily Complex in Class A Location for $21.3M
- Sep 18, 2014
The 428-unit residential complex at 7671 E. Tanque Verde Road in Tucson has changed hands. Utah-based Chartwell Capital Partners L.L.C. acquired the asset from Holualoa Cos. of Tucson for $21.3 million. The property was 94 percent leased at the time of sale.
CBRE completed the transaction, the seller being represented by Michael Sandahl and Wyatt Campbell of the company’s Tucson office, along with Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix office.
Developed in two phases, in 1979 and 1981, the Tanque Verde community benefits from the strong employment base of Tucson’s northeastern submarkets and the surrounding Class A developments. A large number of amenities is also easily accessible such as grocery, banks, restaurants, and other retail services. One of Tucson’s largest and most popular municipal parks, Morris K. Udall Park is located right across the road from apartments; bike trails and abundant recreation are also nearby, including Sabino Canyon and the Mt. Lemmon Recreation Area.
The property has recently undergone capital improvements that included replacing the roofs, changing the old master heating and cooling systems, and installing solar systems as well as water conservation equipment in order to make the property more energy-efficient. Additionally, 38 units have been upgraded with new appliances, new cabinets, resurfaced countertops, upgraded fixtures, flooring, mirrored closet doors, microwave oven/hoods and other improvements.
Photo credits: Tanque Verde Apartment Homes