Element Property has acquired Mission Antigua, a 248-unit community in Tucson, Ariz. Centurion Management sold the 1989-built asset for $21.8 million, on behalf of the developer, which had owned the property since its construction.
Mission Antigua is located at 5525 S. Mission Road, in Tucson’s southwestern submarket, on the edge of the San Xavier Indian Reservation. The garden-style community comprises 11 buildings and offers 80 one-bedroom, 120 two-bedroom and 48 three-bedroom units, ranging from 546 to 1,032 square feet. Common-area amenities include a fitness center, a clubhouse, a swimming pool, a spa, as well as laundry facilities and 500 parking spaces.
The asset is situated less than 3 miles from Interstate 19 and Route 86. Hiking trails and parks can be found nearby. A plethora of retailers, restaurants and bars are located around the intersection of Interstate 19 and Irvington Road, as well as along 12th Avenue.
Tucson Value-Add Focus
“Mission Antigua was an outstanding value for both parties in this transaction. Over 30 years of ownership, the seller really built a highly desirable property, which the buyer can nicely improve upon to realize a significant long-term benefit,” said Mr. Shnitzer, senior managing partner at ABI, in a prepared statement. Shnitzer, along with Vice President Mr. Kippes, Senior Managing Partners Mr. Kobierowski, Mr. Bax, and Partners Mr. Lazovick and Eddie Chang, represented both parties in the sale of Mission Antigua. The team recently closed the $22 million sale of Cabana at the Pointe in Phoenix.
According to ABI Year-End 2018 Tucson Multifamily report, rents in the city reached an average of $839. Population is expected to grow, while the unemployment rate continues to drop year-over-year. The market is also experiencing an increase in sales volume, which surpassed $890 million last year. Most multifamily transactions completed in 2018 consisted of properties built before the 90s, with investors seeking value-add opportunities, as most of the inventory is relatively old.