Taylor Street Advisors is pleased to announce it has been retained as the exclusive advisor for the disposition of The Grand Treat Apartments, an 11-unit multifamily community located in Central Tucson within the Blenman-Elm submarket.
Built in two phases, first phase being built in 1948 and the second phase in 1973, The Grand Treat Apartments presents a tremendous opportunity with immediate value-add potential in a prime central location. The Grand Treat Apartments deliver a walkable, welcoming, friendly experience with an attractive unit mix of one, two, and three-bedroom homes. The Grand Treat Apartments have a total of four buildings that is constructed primarily of block construction, and is situated on .82 acres. Featuring a weighted unit average size of 840 square feet, apartment interiors are equipped in classic condition, with individual hot water heaters. Each unit is individually metered for electricty, and master metered for water, sewage and trash.
Based on the positioning of The Grand Treat Apartments, within the competitive landscape of the submarket, the subject property is a prime candidate for the implementation of an interior and exterior renovation program. On average, The Grand Treat Apartment units are 21% larger than its competitors. New ownership of The Grand Treat Apartments can execute value-add renovations with an expected return in monthly rent premiums as the rental rate is already far below market value, and the competitive landscape continues to push market rents higher.
