Phoenix, AZ – Brian Smuckler and Jeff Seaman, who lead CBRE’s Multifamily Investment Group in Phoenix, have completed the sale of Riviera Village in Tempe for a price of $10 million ($60,606 per unit/$89 per SF). The 165-unit apartment community was built in 1980 and is located at 1502-1532 S. Price Road.

Seaman and Smuckler negotiated the sale on behalf of the buyer, Riviera Partners, LLC of Scottsdale, Arizona. The seller was MRI Saddlehorn Riviera Investment Fund, LLC of Tempe, Arizona.

“Rental rates in Tempe are consistently increasing. In Q4 2015 rents averaged $735 per month, an increase of 6.6 percent year-over-year,” said CBRE’s Seaman. “These increases are indicative of the submarket’s growth, a direct result of dynamic new employers and continued evolution of the Arizona State University campus. Riviera Village is ideally positioned to take full advantage of the economic development taking place in the surrounding area.”

Riviera Village benefits from proximity to both Arizona State University and some of the most notable new commercial developments in the Valley, including State Farm’s Marina Heights, Liberty Center at Rio Salado and The Grand at Papago. In 2015 alone, more than 11,000 new jobs were announced in the city of Tempe.

Smuckler and Seaman can be reached at (602) 735-5555.

Model unveiled at Santa Catalina gathering from noon to 3 p.m. on Sat., March 12

TUCSON, AZ –Maracay Homes is celebrating the grand opening of its two newest Tucson-area neighborhoods on from Saturday, March 12. Located within the beautiful Tanque Verde region of northeast Tucson, The Ranches and Territory at Santa Catalina will feature 34 homes, collectively. Homes within the Territory at Santa Catalina have been designed to meet LEED certification from the U.S. Green Building Council.

While the grand opening event will last from 10 a.m. to 6 p.m., prospective buyers are encouraged to attend a neighborhood gathering from noon to 3 p.m. and enjoy a barbeque lunch with refreshments. Visitors also will have a chance to tour Maracay’s new model home and learn about all of the neighborhood amenities, including ranch-style neighborhood entrances, oversized homesites, and immediate access to Mount Lemmon – Tucson’s highest peak and the southernmost ski destination in the United States.

Tucked along the desert foothills of Mount Lemmon, the neighborhoods, separated by approximately two miles, will feature four distinct, single-level FlexDesign® floor plans ranging from 2,607 to 3,412 square feet. The Ranches at Santa Catalina, located just over one-mile north of Catalina Highway on Harrison Road, offers 24 spacious 1/2- to 3/4-acre homesites. Meanwhile, Territory at Santa Catalina, located less than a half-mile south of Snyder Road on Bonanza Avenue, features 10 expansive homesites, each covering more than 3/4 of an acre.

These homes will showcase designs crafted to keep pace with current lifestyle trends and Arizona homebuyer’s preferences. Each plan includes FlexDesign® selections to customize your home to meet your family’s individual needs. All homes are Energy Star® certified and include Maracay Homes’ LivingSmart® program for high performance and cost efficiency.

Maracay Homes is a member of TRI Pointe Group (NYSE: TPH), a family of premium regional homebuilders supported by the significant resources, economies of scale and thought leadership of a national foundation. Together this makes TRI Pointe Group one of the largest homebuilders in the U.S.

For more information or to schedule a tour of the Santa Catalina neighborhoods, please contact Maracay Homes’ New Home Specialist Pam Meyer at (520) 329-0380 or visit the model home on Harrison Road, 1.25 miles north of Catalina Highway in Tucson. Full interactive floor plans and details are also available at www.MaracayHomes.com.

Jesuit missionary Eusebio Francisco Kino visited the Santa Cruz River Valley in 1692, and founded the Mission San Xavier del Bac about 7 miles upstream from the site of the settlement of Tucson in 1700. The Spanish established a fort on August 20, 1775 and the town came to be called “Tucson.” Tucson became a part of Mexico after Mexico gained independence from Spain in 1821. Following the Gadsden Purchase in 1853, Tucson became a part of the United States of America, although the American military did not formally take over control of the community until March 1856. From August 1861, until mid-1862, Tucson was the capital of the Confederate Arizona Territory. Until 1863, Tucson and all of Arizona was part of New Mexico Territory. From 1867 to 1879, Tucson was the capital of Arizona Territory.

By 1900, 7,531 people lived in the city. At about this time, the US Veterans Administration had begun construction on the present Veterans Hospital. Many veterans who had been gassed in World War I and were in need of respiratory therapy began coming to Tucson at this time, due to the clean dry air. The population increased gradually to 36,818 by 1940. In 2006 the population of Pima County, in which Tucson is located, passed one million.

During the territorial and early statehood periods, Tucson was Arizona’s largest city and commercial area, whereas Phoenix was the seat of state government and agriculture. The establishment of Tucson Municipal Airport in 1919, the first in the world, increased its prominence.

The name Tucson originates via Spanish from the O’odham, “Cuk” – meaning “Black Base,” a reference to the mostly volcanic mountains on the west side of the city. The most notable of these mountains is Sentinel Peak, better known as “A Mountain” because it sports a large letter A in honor of the nearby University of Arizona, situated in west central Tucson. Tucson is sometimes referred to as “The Old Pueblo.” It’s archeological and educational university makes Tucson one of the prominent communities in Arizona.

Today Tucson is a bustling powerhouse in Southern Arizona.