Updated Dec 4, 2024
Air Estates LLC Acquires Flores Apartments In Tucson For $1.3M
225 West Flores Street & 255 West Flores Street
$1,300,000
Units
20
Asset Type
MultiFamily
Closing
Apr 15, 2024
About this deal
AI
The Flores Apartments, a multifamily property located at 225-255 West Flores Street in Tucson, AZ, was acquired by Air Estates LLC for $1.3 million. The property consists of 20 units, making the price per unit $65,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $1,300,000
- Address: 225-255 West Flores Street
- Market: Tucson, AZ
- Buyer: Air Estates LLC
- Seller: 225 W Flores LLC & Colonia Properties TIC I LLC
- Brokers: Allan Mendelsburg & Joey Martinez - Cushman & Wakefield
- Units: 20
- Price Per Unit: $65,000
Air Estates LLC, facilitated by Allan Mendelsburg and Joey Martinez of Cushman & Wakefield, successfully completed the acquisition of the Flores Apartments property in Tucson. The sellers were 225 W Flores LLC and Colonia Properties TIC I LLC, marking a significant transaction in the multifamily real estate market.
Players
Tucson MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
12.20%
Cash-on-Cash
-3.49%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93