PINAL COUNTY, ARIZONA — Richmond American Homes purchased an additional 139 lots in the Red Rock Village MPC for $6,880,500 ($49,500 per finished lot). The lots are 45’X115′ and are Richmond’s second  purchase in the community in the past 12 months. The lots were purchased from Sunbelt Holdings.  Sunbelt acquired the remaining 680-acres within the 1,000-acre Red Rock Village master planned community in 2018 and are now well underway with the project’s development, with an estimated 2,500 lots remaining to be developed.

Richmond American Homes recently announced the grand opening of Seasons at Red Rock Village offering a mix of single and two-story floor plans that range in size from 1,240-2,630-square-feet.

Located in Pinal County, Red Rock Village includes an expansive amenity offering for residents including a 14-acre community park featuring a private water park, lap pool, basketball court, baseball field, skate park, children’s play area, picnic and shade ramadas, hiking and biking trails, and open space. The community is also home to the K-8 Red Rock Elementary school. Additional neighborhood parks are planned for future growth areas within the community.

The community is a 10 minute drive north of Marana and conveniently accessed at the Red Rock interchange along I-10. The community has over 850 homes constructed to date, and Sunbelt Holdings is preparing several new subdivision plats into 2021 showcasing 40′ and 45′ lots. These lots are currently being marketed and Sunbelt Holdings will be announcing additional homebuilders in the next few months. Land Advisors Organization is handling the marketing of the lots at Red Rock Village.

Will White and John Carroll of Land Advisors Tucson handled the transaction.

White commented, “Red Rock Village is headed into 2021 full steam ahead. The availability of infrastructure and approved plats, coupled with the surging new home median price in the Tucson metro area make it a very attractive master plan.  Affordability, amenities and convenience are important factors to Tucson’s homebuilders going forward and Red Rock Village hits all those marks.”

For more information, White and Carroll should be reached at 520.514.7454.

GLENDALE, Arizona – DAUM Commercial Real Estate Services has recently directed the acquisition of a 13,483-square-foot industrial property in the greater Phoenix submarket of Glendale, Arizona on behalf of the buyer, Bumble Bee Plumbing.

The asset will serve as the buyer’s new headquarters location, according to Carter Wilson, Associate at DAUM Commercial, who completed the transaction alongside DAUM Executive Vice President David Wilson.

“As a leading commercial and residential plumbing repair and maintenance company, Bumble Bee has experienced consistent growth and was weighing the options of both leasing and owning a new headquarters building,” says Carter. “We were able to identify a well-located asset in the Glendale submarket, which provides easy access throughout the Phoenix area, at the right price point. Due to the favorable financing of today’s market, Bumble Bee ultimately felt it was the right time to purchase this property.”

According to Michael Krpata, owner of Bumble Bee plumbing, this asset will give the company the opportunity to continue to expand and train new recruits: “With the current health concerns surrounding the pandemic, the public has seen just how important essential services are and that trade work, such as plumbing, is a great career choice.”

The property is located at 7600 N. 71st Avenue, Glendale, Arizona and was purchased for $1.525 million.

Tucson, Ariz. – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of a two-property multifamily portfolio in Tucson, Arizona. The properties are Equestrian, a 288-unit complex that sold for $47.7 million, or $165,625 per unit, and Ridgeline, a 272-unit property that traded for $42.5 million, or $156,250 per unit.

“Post-2000 constructed multifamily assets like Equestrian and Ridgeline are rarely available in North Tucson,” said Hamid Panahi, IPA first vice president. “These two communities provide new ownership with the opportunity to enhance revenue through the continued implementation of an apartment interior renovation program.”

Panahi, Steve Gebing and Cliff David, IPA executive managing directors, represented the seller, Bascom Arizona Ventures, and procured the buyer, Bridge Investment Group.

“Job growth and economic development should not be overlooked in Tucson with tremendous momentum in the aerospace and defense sector, high technology, bioscience, healthcare, mining technology, and logistics leading the way,” added Gebing. “There’s a reason internationally recognized companies like Raytheon, Caterpillar, and Amazon are attracted to the market.”

Both properties are located on West Linda Vista Boulevard in Northwest Tucson, close to the Thornydale Retail Center, Thornydale Village, the Tucson Premium Outlets and Pima Community College.

Completed in 2008 on 13 acres, Equestrian is an 18-residential building community with a swimming pool, gas and charcoal grilling stations, assigned covered parking and detached garages. Apartments have nine-foot ceilings and the average unit size is 900 square feet.

Ridgeline’s 17 residential buildings were constructed in 2002 and 2008 on 13 acres. The property has two resort-style swimming pools and the average apartment size is 821 square feet.