Two REO-related multifamily transactions in Central Tucson sold for a combined $37 million. Real Estate Owned (REO) properties are rental assets that failed to sell at a foreclosure auction and reverted to lender ownership, offering potential buyers opportunities for below-market, as-is purchases.
Real Estate Daily News reports Vertical Street Ventures was the seller of both properties. The buyers of both was DGE Investments.
Metro Tucson Apartments, a 232-unit community at 3985 N. Stone Ave., sold for $24 million in an REO sale. The property on 6.85 acres and was built in 1984.
Equinox on Prince, a 114-unit property at Prince and Cherry (photo) sold for nearly $13 million, also in an REO sale. The property is on 4.72 acres and was built in 1964.
The circumstances behind the REO actions were not disclosed, and there was no broker representation. Both properties last traded in 2022.
The post Two REO Sales Close in Tucson appeared first on Connect CRE.
​Â
