Michael Laatsch comes to CBRE after being at Holualoa Companies for many years as an analyst and asset manager overseeing property leasing and performance. Michael is new to CBRE, but not new to the world of commercial real estate.

Laatsch will be joining the retail brokerage division at CBRE, working closely with First Vice President, Nancy McClure.

McClure said in an email message, “I am really excited to have Michael Laatsch join me and wanted to ensure everyone knows he is here and we are getting synched. We look forward to broadening our scope of work in the Southern Arizona market.”

McClure should be reached at (520) 323-51117 and Laatsch can be contacted at (520) 323-5191.

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D.R. Horton, a Texas based company and one of the largest homebuilding companies in the United States, operating in 26 states and 77 metropolitan markets.

In Caddis Haley Estates, D.R. Horton (NYSE: DHI) acquired 9 finished lots for[mepr-show rules=”58038″]$180,000, or $20,000 per finished lot as part of a rolling option for 161 lots, from Caddis Bridge, LLC (Greg Anderson, manager). Caddis Haley is located west of Tucson near Star Valley, west of Casino del Sol. D.R. Horton offers five models there ranging in price from $127,900 to $160,000. Average lot size is 5,128 sq. ft. Dan Feig and Aaron Mendenhall of Chapman Lindsey represented the seller.

In Sahuarita Highlands, D.R. Horton took down an additional 6 lots for $258,000, or $43,000 per finished lot from Red Point Development, Inc. (Daniel Leung, President) as part of a rolling option agreement for 153 total lots. Sahuarita Highlands offers five floor models that range in price from $187,900 to $206,900. Dan Feig of Chapman Lindsey represented the seller.

In a new agreement that began 1Q 2013, D.R. Horton purchased 12 lots in Sonoran Ranch II for $294,000, or $24,500 per finished lot from Son.Land Company (John Agresti, manager). This is the second takedown of 52 lots there. Sonoran Ranch is located west of Tucson near Star Valley and offers six models ranging in price from $141,900 to $193,900. The average lot is about 5,000 sq. ft. Dan Feig with Chapman & Lindsey in Tucson represented the seller.

D.R Horton Homes generally range in size from 1,000 to 4,000 sq. ft. and in price from $100,000 to $600,000. For the year ended September 30, 2012, D.R. Horton closed 18,890 homes nationally with an average price of approximately $223,300.

To contact D.R. Horton’s executive office call (817) 390-8200. Dan Feig and Aaron Mendenhall can be reached at (520) 747-4000.[/mepr-show]

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NBA player, formerly with the Phoenix Suns and more recently the Brooklyn Nets, Josh Childress, purchased through a private investment firm Franklin Street Partners of North Carolina, the Casa Grande Village Apartments at 5950 S Park Avenue in Tucson.

The 52-unit complex was 90% occupied at time of sale; 79% were two-bedroom and 21% one-bedroom units. The property was reportedly well maintained and sold for[mepr-show rules=”58038″]$1.48 million ($28,500 per unit) or $42 PSF for the 35,456 sq. ft. complex (built 1986) in five two-story buildings on 2 acres. Located in the southern part of Tucson at Park Ave and Mossman, the property is near I-19, the Tucson Airport, Hughes Aircraft Co., and Desert Diamond Casino.

Property amenities include two onsite laundry rooms, a playground, patios and balconies, ceramic tile floors, individual heating and air conditioning, and dishwashers in select units.

Franklin Street Partners, an asset manager since 1990, provides independent, strategic and highly personal advice to clients with high standards of professionalism, fiduciary responsibility and discretion. Investment clients run the range of endowments, foundations and other sophisticated institutional investors, as well as families and individuals with significant portfolios who require a more comprehensive solution.

Cohen Financial of Phoenix financed the sale.

North Star Management and Consulting in Tucson has been retained by the new owner for leasing and property management.

The multifamily team of Bill Hahn, Jeff Sherman, and Trevor Koskovich of Colliers International in Phoenix handled the transaction for seller, Westmoreland Apartments, LLC of Tucson and investor.

Franklin Street Partners can be reached at (919)489-2600. Cohen Financial is at (602) 381-3700. North Star Management should be contacted at (520) 885-8590. Hahn, Sherman and Koskovich at Colliers should be contacted at (602) 222-5000.[/mepr-show]

[ismember]Market time was 90 days and a 30-day close. Buyer paid $454,000 (30%) down and financed the balance with Cohen Financial. GPI ($334,440) with 1-bedroom units renting at $465/ month and 2-bedrooms renting at $555/month (average rent $536) and was 10% vacant at time of sale ($33,444) with operating expenses annualized at $132,400 and $300 per unit reserves ($15,600), the property sold with an NOI of $148,000 or approximately a 10% cap rate based on income at time of sale.[/ismember]