LevRose Commercial Real Estate/TCN Worldwide recently announced the sale of Pueblo Springs Apartments, a 75-unit apartment property. Represented by Anna Sepik, Advisor at the firm shared that the asset sold for $4,200,000.
The Pueblo Springs Apartments are located at 3003 N. Algernon Way, Tucson, Arizona 85712. Built in 1972, the 41,850 square foot property features 75 units, two pools and an on-site leasing office. The property, listed within the competitive “Ward 2 MF” submarket, was purchased by Pueblo Springs Holdings, LLC, an investment group based out of Vancouver, Washington.
“As a husband-and-wife team, the new owners are aggressively growing their portfolio to amass 1,000 units within the next 2 years,” said Sepic. “They understood the true value add nature of the asset and were aggressive with their underwriting to get the deal done. This submarket of Tucson has shown fantastic returns and rent performance has been steady and strong. The clients underwrote the asset with a five-year hold strategy and continue to acquire properties in the immediate surrounding area.” to the Seller was represented by PICOR Commercial
Since starting in 1992, LevRose focuses on commercial leasing and sales of office, retail, industrial, medical, land and now multifamily.
“The acquisition of Pueblo Springs Apartments furthers our commitment to provide complete, integrated real estate solutions throughout all aspects of the industry,” Mike Baumgardner, Sales Director of LevRose said. “Anna’s dedication to delivering the highest level of service demonstrates one of our companies main core values.”
About LevRose
Levrose Commercial Real Estate is a market leader in commercial real estate services in the Greater Phoenix metro area. Since 1992, Levrose has been helping clients with every aspect of leasing, buying, selling and managing Commercial properties. With some of the top professionals in the industry, Levrose takes a higher level of accountability for each client. Commercial Property management is handled through affiliate firm MODE Real Estate Management Services. MODE has a unique, professional approach to the management of office, retail and medical properties.