CRVI H-AZCO, LLC, an affiliate of Cypress Real Estate Advisors of Austin, TX sold 125 residential lots to Richmond American Homes of Arizona (Michael Del Castillo, Regional Vice President), for $1.86 million, or $14,840 per lot in Eagle Crest Ranch V in Pinal County.  The lots were a mixture of improvements: 33 finished lots and 92 platted and in various stages of being finished lots.

Eagle Crest Ranch is a community of 640+ homes in northwest Tucson. Located 6 miles north of Tangerine Road on Oracle Rd., it offers spectacular Catalina Mountain Views with acres of state land to the north and east providing a natural desert buffer with all kinds of wildlife. Richmond will be joining Lennar Homes at Eagle Crest see https://realestatedaily-news.com/lennar-homes-acquires-45-lots-at-eagle-crest-ranch-pinal-county/ that closed 30 days earlier.

Other communities where Richmond American is active in Northwest Tucson include the Arbors at Gladden Farms, Encore at Tangerine Crossing, Palisades at San Lucas, Premier at Tangerine Crossing, and The Preserve at Dove Mountain, all in Marana and Torreno at Rancho Vistoso in Oro Valley.

The buyer and seller were self-represented in the transaction.

To reach Cypress Real Estate Advisors call (512) 494-8510. Del Castillo can be reached at (520) 229-5454

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Locally owned and operated, A.F. Sterling Homes (Randy Agron, VP) continuing to build at Tortolita Vistas will soon be joined by Scottsdale builder, Maracay Homes that is under contract for 54 lots. Tucson-based Cottonwood Properties (Bill Hallinan, VP) developed this 230 acre gated community set in the foothills of the Tortolita Mountains. Tortolita Vistas located in the Town of Marana offers spectacular mountain views in every direction, the Santa Catalinas and Pusch Ridge to the east, the TucsonMountains to the south, and the Silverbells to the west. Custom home sites, range in size from ¾ of an acre to a little over 1 acre.

On May 30th, A.F. Sterling took down four lots in a rolling option at[mepr-show rules=”58038″]$449,000, or $112,250 per lot. These custom home sites come with the infrastructure in place for builder to complete the pad. A.F. Sterling through its affiliate Scotia JV 2005, LLP has a rolling option for a total of 34 custom home sites that began in 2011.

Randy Agron, Vice-President of A.F. Sterling told us that they have one 3541 Model available, eight homes have sold and 13 more are under contract and in various stages of construction.

The A.F. Sterling series of executive-style single story homes in Tortolita Vistas measure from 2,394 to 3,541 square feet, with base prices ranging from the low $400,000 to mid $500,000 in this Northwest gated community. Six home designs are available in three, four and five bedroom floor plans on home sites that average approximately three-quarters of an acre in size.

To visit take Thornydale Road north of Tangerine Road.

Agron at A.F. Sterling can be reached at (520) 577-3600. Hallinan at Cottonwood Properties can be contacted at (520) 299-8424.[/mepr-show]

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2230 East Fort Lowell Road, LLC an affiliate of California Capital Real Estate Advisors, Inc. (CALCAP Advisors) of Pasadena, CA (Edward Aloe, managing principal) bought the apartment complex Vista Catalina at 2230 East Fort Lowell Road in Tucson for[mepr-show rules=”58038″]$1.325 million ($22,845 per unit) for the 48,027 sq. ft. complex located on Fort Lowell between Country Club and Tucson Blvd.

The property (built 1971) has 58 one-and two-bedroom units in six buildings, ranging from 640 – 788 sq. ft., the units feature paid utilities, free Wi-Fi, covered parking, cable ready, individual climate control provided by a chiller system. Vista Catalina is on direct bus lines, minutes away from the U of A and within walking distance to grocery, shopping, dining, and public libraries. The community has lush landscaping, a pool, outdoor BBQ, and laundry facilities, on-site bilingual manager,  24-hr. emergency maintenance service, short-term and long-term leases, and a dog run for small & medium sized pets.

CALCAP Advisors, a real estate investment and advisory firm, bought the Class-C property to reposition it in the marketplace at an undisclosed cost. Acquisition cost was well below replacement cost, at $28 per sq. ft., it sold with seven vacancies. CALCAP is an experienced value buyer having completed over $50 million in multiple transactions, repositioning distressed multi-family and commercial properties in California, Arizona and Nevada.

CALCAP’s acquisition strategy is guided by the firm’s approach of identifying the best opportunities for capital appreciation. CALCAP looks to acquire, reposition and develop a blend of assets; working to preserve capital and deliver strong returns. Partnering with businesses, asset managers, developers and communities to reposition distressed real estate, provide liquidity, adds value not only for stakeholders but also the communities they serve. This is CALCAP’s first investment in the Tucson market.

The seller, EFL Apartment Partners (Pat McGlathery, principal) of San Diego, CA was represented in the transaction by Bob Kaplan and Allan Mendelsberg, Investment Specialists with Cushman & Wakefield / Picor Commercial Real Estate Services of Tucson.

The Inter-American Investment Corporation (IIC), a member of the Inter-American Development Bank (IDB) Group provided financing for the transaction.

Aloe at CALCAP Advisors can be reached at (626) 229-9057. Mendelsberg should be contacted at (520) 546-2721 and Kaplan is at (520) 546-2737.[/mepr-show]