CBRE Arranges Sale of Santa Cruz River Apartments in Tucson

CBRE’s Jeff Casper has facilitated the sale of Santa Cruz River Apartments, a 55-unit multifamily community located at 851 West Ajo Way in Tucson, Ariz. The property was acquired by Santa Cruz River LLC for $3.62 million.

Casper represented the seller, A&J Properties Three LLC, in the transaction. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented the buyer.

“This sale represents a significant opportunity in a growing area of Tucson,” said Casper, first vice president. “The property, which was a long-term hold for a family office, offers the Buyer a compelling value-add opportunity in a market experiencing strong population growth and expanding retail options. Its location near key employment corridors further enhances its appeal as an attractive investment.”

The four-building community features a mix of studio, one- and two-bedroom units. Built in 1983, select units have undergone renovations with the addition of new cabinets, countertops, vinyl plank flooring and new appliances, which have been well received by residents 

Situated on 1.5 acres, Santa Cruz River Apartments is located along Interstate 19 (I-19) and offers convenient access to downtown Tucson and I-10.