TUCSON, ARIZ. — ABI Multifamily has arranged the sale of Commons on Stella Apartment Homes, a multifamily property located at 6534 E. Stella Road in Tucson. An undisclosed California-based buyer acquired the asset from an undisclosed Illinois-based seller for $37 million, or $185,930 per unit.
Completed in 1964, Commons on Stella Apartment Homes features 199 apartments in a mix of 30 one-bedroom/one-bath units, 109 two-bedroom/one-bath units and 60 three-bedroom/one-bath units. Each unit is individually metered for electricity and gas with individual hot water heaters. Units feature air conditioning/heating, full-size washers/dryers, hardwood floors, private enclosed backyards, oversized closets and kitchens equipped with refrigerators and microwaves, as well as dishwashers in select units.
Community amenities include a swimming pool, splash pool, business center, clubhouse, children’s play area, picnic area with barbecues and assigned parking.
Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovich of ABI Multifamily’s Phoenix-based institutional apartment group, in collaboration with Desiree Palmer and Ryan Kippes of ABI Multifamily’s Tucson apartment team, represented the buyer and seller in the transaction.