TUCSON, ARIZONA — An affiliate of MC Companies of Scottsdale and Tucson (Ross McCallister, principal), Mason Ranch Apartments, recently purchased 16.12 acres at 2945 & 2965 North Bear Canyon Road in Tucson for $4.4 million ($6.26 PSF) from C. Thomas Mason III and the Charles T Mason, Jr. Trust, according to public record.

MC Companies also broke ground this week at The Place at Silverbell Gateway, a 300-unit luxury apartment homes at 7430 North Silverbell Road in Marana. The new community will have large floorplans at an average square footage of 1,070-square-feet and six unique floorplans.  Each home will be designed with upscale finishes and include hard surface flooring, granite counter tops and designer lighting packages.  The proposed amenities will be best in class for new apartments, similar in luxury as the Award winning The Place at Riverwalk Apartments at Craycroft and River in Tucson.

The development team of MC Companies is excited about this new opportunity to build luxury apartments and grow their existing portfolio.  The town of Marana is fast growing, and this offering will add to the much-needed mix of luxury apartment homes for residents that rent by choice for the convenience and modern amenities that this demographic has come to expect.

This area has undergone much development in the past few years with new parks and connectivity to the Tortolita Mountain trail system.  The Town has also made significant investments in the functionality of the Ina commercial area. The Ina Road Beautification project makes this location even more appealing to residents in the area. The project includes new asphalt pavement, fresh landscaping in the right of way, new streetlights, sidewalks, accessibility ramps and fiber optic cable.

After two years of great success and winning MC Companies was awarded the Best Community Design Award at the 2020 AMA Tribute Awards recently.

The Management team of MC Companies will professionally manage these newest communities adding to their current portfolio of 6,000 apartment homes.

The transaction was Principal to Principal and construction is estimated to be approximately 19 months to first delivery.

PHOENIX, ARIZONA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Arizona Digestive Health and Phoenix Endoscopy, a 11,760-square-foot two-tenant medical office property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $4.3 million ($366 PSF).

“We received seven competitive offers resulting in the bidders pushing price and providing favorable terms to the seller,” said Alan Laulainen, investment specialist in Marcus & Millichap’s Phoenix office. Laulainen, Chris Lind and Mark Ruble, investment specialists also in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. “Ultimately the property traded at a level that accomplishes the goals of the seller and provides the buyer with an outstanding, long-term investment. The buyer, a 1031 exchange buyer out of California, plans to hold the asset for investment and extend the current lease terms,” Laulainen explained. This was the third commercial acquisition for the buyer in the Phoenix MSA.

Arizona Digestive Health and Phoenix Endoscopy is located at 349 East Coronado Road in Phoenix. This asset was built in 2003 on 1.07 acres and is 60 percent medical office and 40 percent licensed surgery center. There are five hospitals within a three-mile radius of the property and over 391,000 residents within a five-mile radius. Households are projected to increase by over 13 percent in the immediate area by 2024.