TUCSON, Arizona — Multifamily property sales surged to $21 Million in sales volume in the first 10-days of 2017. Marcus & Millichap sales accounted for $13.6 million in the following two transactions, with four properties and 371-units:

HSL Casa Loma of Tucson (Omar Mireles, manager) sold Casa Loma Apartments for $6.525 million ($48,333 per unit / $62 PSF) for the 135-unit complex at 6639 East Broadway Blvd. in the central submarket of Tucson.

Casa Loma, a 135-unit multifamily community, enjoys a commanding position on Broadway Boulevard surrounded by an abundance of thriving employment centers and lifestyle conveniences. Completed in 1972, the property features solid block and concrete construction with a mix of studio, one- and two-bedroom apartments as well as a three-bedroom house with a private driveway and backyard. Unit interiors feature a well-equipped kitchen, walk-in closets, ceiling fans, linen closets, patios or balconies, and upstairs units feature vaulted ceilings.

Community amenities include a welcoming leasing office, clubhouse, pool with a spa, laundry facility, and serene outdoor space with lush landscaping including barbecue grills. Since 2012, current ownership has completed a full exterior paint as well as installed new roofs and individual A/C units, improving the presentation of the property while simultaneously minimizing future capital cost exposure for a new owner.

The unit mix comprises studios, one- two- and three-bedroom units with 778-square-feet a weighted average unit size. The 105,032-net-square-feet sits on 5.96 acres and a density of 22.65 RAC.

A private California investor, Shalom Babay, purchased the value-add investment property.

Hamid Panahi, Steve Gebing and Cliff David at Marcus & Millichap Phoenix represented the seller, HSL Properties.

Lane Schwartz at Marcus & Millichap in West Los Angeles represented the investor.

In a portfolio sale, West Ajo Properties of Tucson (Sonny Cray, manager) sold a three-property portfolio with 236-units for $7.05 million ($29,873 per unit / $50 PSF).

Located in thriving Southwest Tucson, 3 at West Ajo, the three property portfolio, offers residents comfortable living, and convenient access to many of the cities highly regarded destinations. 3 at West Ajo consists of 236-units across three well-maintained properties, Westlake Village, Riverview Villas, and Santa Cruz Villas with a single leasing office located at Westlake Village.

The 236-unit multifamily community, enjoys a commanding position on Ajo Way, also known as State Route 86. Completed in 1981 and 1983, the properties feature solid frame and stucco construction with a mix of studio, one-, two-, and three-bedroom apartments, with a weighted average unit size of 597-square-feet.

Unit interiors feature a well-equipped kitchen, ceiling fans, and wood-vinyl flooring on the downstairs units. Select units include linen closets, additional outside storage, walk-in closets, and dishwashers. Community amenities include a pool at each community, a welcoming leasing office, gated access into the property from each entry along Ajo Way, three laundry facilities, and outdoor space with barbecue grills and shuffleboard courts. The current ownership has replaced the pools and roofs for all three properties, improving the presentation of the properties.

The 140,840-square-feet sits on 7.53 acres, with a density of 31.34 RAC.

Hamid Panahi, Steve Gebing, Cliff David and James Crawley at Marcus & Millichap Phoenix represented the seller, West Ajo Properties.

Peter Flis at Marcus & Millichap in Sacramento represented the private California investor.

For additional information, contact Panahi at 520.448.5045, Gebing at 602.687.6771, David at 602.687.6763, and Crawley is at 602.687.6807. Flis can be reached at 916.724.1286 in Sacramento.

To learn more, see RED Comp #4453.

TUCSON, Arizona – ABI Multifamily, a brokerage and advisory services firm that focuses exclusively on apartment investment transactions, announced the $1.5 million sale ($46,875 per unit / $53.38 PSF) of the 32-Unit Villa Delano Apartments at 123 W Delano Street in Tucson.

The property, originally built in 1980, sits on nearly 1.4-acres of land near the intersection of West Fort Lowell and Oracle Roads; with 4 total buildings, and features all spacious 2-bedroom, 2-bath units with a weighted average size close to 900-square-feet. Unit features include private balconies, fireplaces, vaulted ceilings and skylights (select units).

“The buyer was in search of a stable asset with upside potential,” states Lance Parsons, Senior Vice President at ABI, who co-represented the buyer and seller with Ryan Kippes, Vice President at ABI. “This pride of ownership, one owner property, is located in the middle of all the major economic development occurring in the Central Tucson/University Submarket, which includes: Comcast’s new 1,100 person call center to Caterpillar’s new Downtown Regional Headquarters to World View’s Space Port project. In addition to tremendous economic activity, the property features all large 2-bedroom units which is a highly sought after unit type for both renters and investors.”

The buyer in this transaction is a private individual based in Colorado.

The seller in this transaction is Tucson-based Vasquez Construction Company.

The ABI Multifamily brokerage team of Lance Parsons and Ryan Kippes represented both buyer and seller in the transaction.

For more information, Parsons should be contacted at 520.265.1945 and Kippes can be called at 520.265.1895.

TUCSON, Arizona — Phoenix investors, The Bynum Family Trust, traded into the purchase of Colonia Verde at 7245 E Tanque Verde Road in the Eastern submarket of Tucson.  The 9,216-square-foot retail center sold fully occupied with five tenants. The property commanded a sale price of $2.925 million ($317 PSF).

Built in 2001, the property offers marquis signage for each tenant as well as tremendous street visibility to the roughly 89,000 vehicles per day on Tanque Verde Road and Sabino Canyon. Three of the five tenant are original tenants, Subway, Super Cuts and The Cellular Connection.

“The property has been fully leased and stabilized since 2013,” John Yarborough with Romano Real Estate says. “Three of the tenants are food related, Ha Long Bay Vietnamese Restaurant, Papa Murphy’s and Subway (58%), with The Cellular Connection (28%) and Supercuts (14%) accounting for the balance of the space.

SUPER CUTS: Founded in 1975, Supercuts has more than 2,600 locations throughout the United States, Canada and the United Kingdom. Supercuts is ranked the number one haircare franchise in the United States and is a subsidiary of Regis Corporation, a Fortune 1000 corporation with 90 years of salon industry experience. Supercuts signs the lease corporately and guarantees store operation for the term of the lease. (www.supercuts.com)

VERIZON: The Cellular Connection  is the largest Verizon premium retailer in the nation with more than 700 locations across 38 states.  The Cellular Connection sells smartphones, tablets, dish and cable service products, and home Internet products. It was founded in 1991 and was formerly known as Moorehead Communications, Inc. and changed its name to The Cellular Connection, LLC in August 2015. The company was founded in 1969 and is based in Carmel, Indiana with stores in Kansas, Oklahoma, Missouri, Texas, Arizona, Nebraska, and Iowa. TCC consistently ranks on Inc.’s 500/5000 list. (www.tccrocks.com)

SUBWAY: Since opening in 1965, Subway has become the world’s largest submarine sandwich chain with more than 44,000 locations around the world including nearly 27,000 outlets in the United States. Corporately signed lease. (www.subway.com)

Papa Murphy’s: Founded in 1981, Papa Murphy’s is the fi fth largest pizza chain in the United States with over 1,500 stores across the country. Although this store is the franchisee’s only location, it consistently ranks in the top 3 in Tucson for sales. (www.papamurphys.com)

Ha Long Bay Vietnamese Restaurant: Ha Long Bay is an authentic Vietnamese restaurant open for lunch and dinner 7 days per week that features tasty Vietnamese cuisine in an unpretentious, comfortable atmosphere. (www.halongbaymenu.com)

John Yarorough and David Carroll with Romano Real Estate Corporation in Tucson represented the seller, FPI, LLC of Tucson (James Fischer III, manager) and Paul Rosado of Paul Rosado Brokerage of Tucson represented the investor.

For more information, Yarborough and Carroll should be reached at 520.577.1000 while Rosado can be contacted at 520.325.7337.

Property was listed on RED Listing Registry on October 13, 2016 and in escrow about 30 days.

To learn more login and see RED Comp #4452.

[mepr-show rules=”58038″]Property closed January 3, 2017. This was the buyer’s upleg in a 1031 exchange. Property was marketed at a 6.42% cap rate and sold at a 7.03% cap rate. Buyers are Gary and Denise Bynum. Property was listed on RED Listing Registry on October 13, 2016 and in escrow about 30 days. Click here for offering memorandum: REListing-170-Listing [/mepr-show]