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5933 S. 6th Ave. - Tucson, AZ 85706
PROPERTY OVERVIEW
Colores del Sol is a 125-unit mixed-income housing community located in Tucson, AZ. The property is conveniently located minutes from major retailers including Target, Walmart Supercenter, and Lowe’s. Numerous restaurants, outdoor recreation, schools, and major transportation arteries are nearby as well. Tucson is home to the University of Arizona, which is less than 10 miles from the property.
The property was built and placed in service in 2002 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which require 98 units to be rented to income qualifying residents earning no more than 30%, 50%, and 60% of the Area Median Income (AMI) limits, which are provided by the Arizona Department of Housing. The remaining units are unrestricted.
Colores del Sol offers one, two, and three bedroom apartment homes that feature upgraded appliances*, garden tubs, and a patio/balcony. Community amenities include a community room, laundry facilities, swimming pool, playgrounds, covered parking, and a picnic area with BBQ grill.
*in select units
Located just 8 miles from the University of Arizona, which had a total enrollment of over 50,000 students in 2022
The max allowable rents on the affordable units at the property are at a $450+ discount to the market rate units, resulting in a vacancy rate of below 1.0% over the trailing-12 months
The Tucson, AZ rent and income limits are projected to increase by 9.98% in 2024, providing for significant rental upside at the asset
Tremendous upside through a potential conversion to market as the property is qualified contract eligible
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PROPERTY Stats
125
UNITS
2002
Built
134,175
sF
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
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Managing Director
504.722.1999
chris.crump@berkadia.com
Chris Crump
Senior Managing Director
504.458.1626
tim.leonhard@berkadia.com
Tim Leonhard
MORTGAGE BANKING
Senior Managing Director
Multifamily
602.912.1633
ric.holway@berkadia.com
Ric Holway
Senior Managing Director
Multifamily
602.912.1630
mark.forrester@berkadia.com
Mark Forrester
Senior Director
Affordable Housing
208.631.4981
jordan.skyles@berkadia.com
JORDAN SKYLES
Senior Managing Director
Affordable Housing
253.653.3313
brandon.grisham@berkadia.com
Brandon Grisham
INVESTMENT ADVISORS
2425 E. Camelback Rd.
Suite 960
Phoenix AZ 85016
PHOENIX OFFICE
601 Union St.
Suite 3909
Seattle, WA 98101
SEATTLE OFFICE
Contacts and Office Locations
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Managing Director
504.722.1999
chris.crump@berkadia.com
Chris Crump
Senior Managing Director
504.458.1626
tim.leonhard@berkadia.com
Tim Leonhard
MORTGAGE BANKING
Senior Managing Director
Multifamily
602.912.1633
ric.holway@berkadia.com
Ric Holway
Senior Managing Director
Multifamily
602.912.1630
mark.forrester@berkadia.com
Mark Forrester
Senior Director
Affordable Housing
208.631.4981
jordan.skyles@berkadia.com
JORDAN SKYLES
Senior Managing Director
Affordable Housing
253.653.3313
brandon.grisham@berkadia.com
Brandon Grisham
INVESTMENT ADVISORS
2425 E. Camelback Rd.
Suite 960
Phoenix AZ 85016
PHOENIX OFFICE
601 Union St.
Suite 3909
Seattle, WA 98101
SEATTLE OFFICE
Contacts and Office Locations