**Two REO Multifamily Properties Sell for $37M in Central Tucson**
Two multifamily real estate-owned (REO) properties in Central Tucson have sold for a combined $37 million. REO properties are typically acquired by lenders following an unsuccessful foreclosure auction and are often sold at below-market prices in as-is condition, offering potential investment opportunities.
Vertical Street Ventures was identified as the seller in both transactions, with DGE Investments purchasing the properties.
The first property, Metro Tucson Apartments, is a 232-unit community located at 3985 N. Stone Avenue. Built in 1984 and situated on 6.85 acres, it was sold for $24 million.
The second, Equinox on Prince, is a 114-unit complex located at the intersection of Prince Road and Cherry Avenue. Built in 1964 and occupying 4.72 acres, the property sold for just under $13 million.
Details regarding the circumstances that led to the REO sales were not disclosed. Additionally, no broker representation was reported in either transaction. Notably, both properties last changed hands in 2022.
