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San Simeon, a 70-unit condominium project that currently operates as apartment rentals at 6091-6141 East Golf Links in Tucson sold for[mepr-show rules=”58038″]$3.5 million ($49,500 per unit). The investor, San Simeon East Golf Links LLC, is a private investment group based out of Gilbert, AZ (Corey Peterson, principal). The property was originally built in 1963 and rebuilt in 2012. The seller, San Simeon Apartment Partners, LLC of Costa Mesa, CA (John Orlandini, principal) purchased the property in 2011 for $700,000 ($10,000 per unit) from the lender in an REO sale and completely rebuilt the property.

“This was a unique opportunity to acquire a virtually new condominium project, with majority two-bedroom unit types, which later could be sold as individual units. Part of the key to this marketing assignment was to find a buyer that would appreciate the future value of condos and he buyer in this case was an experienced home buyer from the Phoenix market,” stated Alon Shnitzer with the Orion Multifamily Group.

“The seller of this property is an experienced Arizona apartment operator and owner. Throughout the years we have represented them on multiple purchases and sales. The sale of San Simeon Condominiums is their last property in Tucson,” according to John Kobierowski with the Orion Multifamily Group.

San Simeon Condominiums is located adjacent to Davis Monthan Air Force Base. Residents at the property enjoy the sparkling pool, children’s playground, mature landscaping and private gated courtyards. In unit amenities include washer/dryer hook-ups, granite countertops, tile flooring, upgraded lighting, new appliances and private patios or balconies. San Simeon Condominiums offers a diverse unit mix of one- two- and three-bedroom unit types with an average square footage of 838 square-feet.

The property has a walk score of 45 and a bike score of 76.

This acquisition of San Simeon Condominiums is the first multifamily/condominium purchase in Tucson. The property was purchased to keep as apartment units until such time as the market is ready for condominium sales.

Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang with ORION Investment Real Estate of Scottsdale negotiated the transaction. The ORION Multifamily Group should be reached at (480) 634-6934.[/mepr-show]

 

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[ismember]The sale date was 8/30/2013. Exact sale price was $3,445,000 net of a $20,000 credit to buyer. Total Rentable building area was 58,670 SF. San Simeon was about 93% occupied at COE. The unit mix is as follows: (9) 1/1 @ 615 SF; (30) 2/1 @ 810 SF; (20) 2/1+Den @ 900 SF; (8) 2/2 @ 985 SF; and (3) 3/2 @ 985 SF. [/ismember]

Tucson Association of Realtors have released their stats for August 2013. Here are the highlights from the August Residential Sales Report:

Roughly only 2.21 percent more residential properties changed hands in the Tucson area last month vs. a year ago, still not breaking the streak of year-over-year gains in monthly home sales for the past two years.

Observers see the 1,205 home closings reported for August regained the slight decrease in July’s median sale price, a less than 1 per cent increase from July median sale price for a single family home.

At the end of August, about a 3-1/2-month overall inventory of residential properties in the Tucson area, or 4,249 properties were available, up 19.2 percent vs. a year ago. Bringing inventory back to a more normal level for the area.

On average, residential properties spent 48 days on the market, the shortest time since September 2012. With 2,064 sales pending at the end of August, down 18 percent from a year ago.

The median price for a single-family home in the Tucson market was up 10.69 percent at $160,500 in August, up from $145,000 a year ago.

Year-to-date, there have been 9,791 home closings in the greater Tucson area, a 3 percent increase from the 9,500 closings reported through August 2012.

Conventional loan sales accounted for 38 percent of the sales, continuing to exceed cash sales of 33 percent, according to TAR’s tracking.

FULL AUGUST SALES REPORT >>
https://tucsonrealtors.org/tar-v2/statsAug2013.pdf

FULL AUGUST RENTAL REPORT >>

https://tucsonrealtors.org/tar-v2/statsRentAug2013.pdf

Minneapolis-based Target Corporation (NYSE: TGT) has announced the opening dates for 23 additional store locations in Canada, including its first stores in Quebec and Nova Scotia, along with additional Ontario locations in Ottawa and surrounding area. The stores are scheduled to open this fall, and include 14 opening on Sept. 17 and nine opening on Oct. 18. Target serves guests at 1,856 stores – 1,788 in the United States and currently has 68 stores in Canada, with plans for 124 Canadian locations by the end of 2013.

“We look forward to opening our first stores in Quebec and Nova Scotia as we carry out an unprecedented retail expansion covering all ten provinces across Canada this year,” said Tony Fisher, president, Target Canada. “Quebec, Nova Scotia and Ontario offer a variety of culturally diverse markets and we look forward to serving our new guests and engaging with these great communities.”

Guests will be welcomed into bright, clean stores with wide aisles, great guest service and a trend-right merchandise assortment. The majority of the 23 locations will feature a licensed Starbucks, as well as an in-store pharmacy designed to provide guests with superior patient-centered healthcare. As recently announced, the majority of stores in Quebec will offer Brunet pharmacies, which are scheduled to open starting in summer 2014.

Target is committed to providing Canadian guests with a one-stop shopping destination for affordable, stylish, quality products, including beauty, apparel and accessories, home, grocery, personal care and more. Each store will carry an extensive range of Target owned and exclusive brands, including C9 by Champion, Circo, Archer Farms, Market Pantry and up & up; exclusive, limited time collaborations with Beaver Canoe (a member of the Roots Canada family) and Philip Lim; and ongoing collaborations such as the Nate Berkus Collection, the Sonia Kashuk Collection, Giada De Laurentiis for Target, and Shaun White apparel. Target also offers local products specific to each market, including the Aliments du Quebec product offering in Quebec.

Since 1946, Target has given 5 percent of its profit through community grants and programs; today, that giving equals more than $4 million a week.