Description

LENDER APPROVED SHORT SALE!!! Palm Gardens is a 2-story garden style apartment property built in 1960 of block construction with pitched roofs. The gated community has a charming central courtyard with numerous palm trees. Residents enjoy a pool, children' s playground, on site laundry, and gated parking.
Over $500,000 has been spent on the property in the past 2 years extensively renovating and adding value to the asset. The upgrades and renovations include: Removing the central boiler chiller system (including the pipes) and replacing it with roof mounted heat pump systems for each unit. Electrical sub-metering the units moving utility costs from owners to tenants.
Palm Gardens offers an excellent investment opportunity to an investor who has the vision and ability to complete the repositioning of the property and the substantial investment made by current ownership. Due to the current severe economic downturn the Sellers vision and investment has not yet begun to return profits. Occupancy, which was low during construction is recovering however leasing up the property has been slow in this difficult leasing environment.

Palm Gardens is located just west of the intersection of Alvernon Way and East 5th Street in central Tucson. The property is less than 2 miles east of the University of Arizona and lies in the prestigious Sam Hughes and El Encanto neighborhoods. With bus and bike paths, Palm Gardens could be marketed for incoming students. Nearby shopping and employment centers include the recently renovated EL Con mall with a 20 screen movie theatre, Home Depot, Target, and more. Broadway Blvd and Speedway Blvd lying to the South and North of the property are major East West throughways offering extensive shopping and employment. Recreational offerings include Reid Park which is ½ mile to the south of the property and includes an 18 hole golf course, community center, the Randolph tennis center and the Reid Park Zoo.