NorthMarq Multifamily closes Wilmot Vista Apartments in Tucson for $8.8 Million
TUCSON, ARIZONA (August 29, 2018) – The 197-unit Wilmot Vista Apartments, located at 3225 S. Wilmot Road, in Tucson, Arizona sold this month for $8,800,000.
Wilmot Apartments Enterprises LLC, a private real estate investor out of California was the buyer.
Bill Hahn, Trevor Koskovich, and Jesse Hudson of NorthMarq Multifamily in Phoenix represented the seller and procured the buyer in this transaction. “Wilmot Vista is another example of out-of-state buyers deploying capital in Tucson to take advantage of higher cap rates,” says Koskovich. “The Phoenix market is so strong that buyers are moving money to secondary markets like Tucson to acquire lower price-per-unit assets.”
Wilmot Apartments Enterprises LLC, an entity formed by Interurban Companies out of Denver, Colorado was the seller.
Wilmot Vista, built in 1984 and 1987, comprises 197 units situated on 6.51 acres. The community is a blend of 55 percent one-bedroom units and 45 percent two-bedroom units. The property, located on the east side Wilmot Road just south of Golf Links Road, near Davis-Monthan Air Force Base, which is one of the major employers in the immediate area. Wilmot Vista is also within driving distance to University of Arizona, which enrolls over 40,000 students.
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