Break of Day Capital acquires its 11th Tucson property, La Posada, a 136-unit asset in the BODC Multifamily Impact Fund. Value-add upgrades are planned.

TUCSON, AZ (March 14, 2025) — Break of Day Capital, a private equity real estate firm, is proud to announce its 11th acquisition in Tucson, AZ, and its third acquisition in the BODC Multifamily Impact Fund. La Posada, which will be renamed Icon on Headley, is a 136-unit property with one- to three-bedroom units at 6300 S Headley Road in Tucson.

La Posada, a $22,350,000 purchase ($164,338 per unit), is close to major employers in the area and within a few miles of three other properties owned by Break of Day Capital. The 1999 garden-style apartment complex will undergo value-added capital improvements: unit renovations, landscaping, and amenity upgrades.

The seller was New York-based Element Property Company, and the transaction closed on March 7, 2025.

California-based Break of Day Capital remains very active in the market having sold Midtown on 1st last year returning a 19% IRR to investors and acquiring two new properties within the past 4 months.

During a recent interview, Gary Lipsky, Founder and President of Break of Day Capital, was quoted as saying, “Icon on Headley is another great core asset that fits perfectly in our portfolio. We’re excited to continue to find value properties. This purchase coincides with our mission to positively impact the lives of our investors and the communities in which we invest through the highest level of transparency and fiduciary responsibility.”

Break of Day Capital continues to focus on acquiring value-add multifamily properties in the Southwest, where they’ve averaged a 40% bump in NOI in the first 12 months across its portfolio. The firm is led by Gary Lipsky, author of the bestselling books Best In Class and Invest Smart and the Real Estate Investor Podcast host. Gary has been a real estate investor since 2002 and has invested in over 1800 units as a General Partner, with $320MM in real estate transactions. Break of Day Capital is a premier real estate firm for investors looking to get involved with managed investments.

TUCSON, AZ (March 12, 2025) — Kameron Norwood with Cushman & Wakefield | PICOR handled the sale of the office building at 990 East Seventeenth Street and 990 S Freemont Avenue in Tucson for $1.25 million ($291 PSF), fully leased to two tenants. The corner building has two addresses and closed on February 14, 2025.

990 East Seventeenth is the re-adaptation of an existing repair shop into a 4,292-square-foot modern professional office building. Taking advantage of the efficient and open structure, a unique office space is created to serve design-oriented users.

The 1978 original building was stripped down to its steel frame. In place of the existing standard metal building panel, a new skin of lightweight aluminum panels forms a rain screen over a heavily insulated wall system. A bright white roof with high R-value encloses the building with south-facing shaded monitor skylights at each of the four bays. Each of the original 10’x10’ roll-up doors along the north façade are replaced with clear glass to provide views to the landscaped courtyard and mountains beyond. Additional apertures are inserted along the East and West of the building to expose hints of structure and activity inside. Along the South facade, a thin strip window runs high along the length of the building to maximize the natural lighting possibilities within the interior while minimizing the impact of the sun.

Inside, an undulating wood slat ceiling—think violin—creates an organic, flowing space that provides spatial interest and acoustic relief. A shared restroom core at the center of the building frees up interior space for each tenant to create a plan to suit their needs. Outside, lush desert landscaping and repurposed concrete hardscape enliven the outdoor spaces throughout the site to create a virtual oasis with shade and plant color.

The building celebrates sustainability. Underground rainwater harvesting tanks provide water for landscaping and the six large community garden beds. Passive solar techniques keep the building comfortable throughout the year and solar panels provide the extra electricity needed on site, complete with EV charging station on site.

The building plays off its neighbors, including other award-winning projects by Rob Paulus Architects: to the north, the re-adaptation of the Ice House and Cold Storage Building into the successful Ice House Lofts, and to the east, the popular Barrio Metalico residential development. This third project completes the block with complementary design and a common sensitivity to smart urban development. Rob Paulus Architects and R+R Development are housed in the building.

990 East Seventeenth Street was sold by R&R 17th Street, LLC, Rob Paulus and Randi Dorman, members.

The buyer, Scott A Mary, is an investor from Bend, Oregon.

For more information, Norwood should be reached at 520.546.2792.

To learn more, subscribers can refer to RED Comp #11758.

PHOTO: 990 E. Seventeenth Street & 990 S. Fremont Ave., Tucson

TUCSON, AZ (March 11, 2025) — Arizona First Properties, LLC, Tom DeSollar, EMS, Broker and Bowles Realty & Investments, LLC, Charlie Bowles MIRM, Broker are pleased to announce the sale of 2475 E Water Street in Tucson.

The sale price was $1,449,000 ($210 PSF), with new Conventional Financing used.  This transaction closed on March 6, 2025.

This office building was 6,900 square feet on a 38,500 square foot lot at the Northwest Corner of Tucson Blvd. and Water Street across the street from the Tucson Association of Realtors offices.

The building, constructed in 1959, was totally gut renovated in 2014 and was in excellent condition. The buyer was Tucson GOVT Properties, LLC, an Ohio-based organization, with John M. Hoty as the manager. The property is to be leased to GSA for VA use. The Seller was 2475 Water Street, LLC, with Wendy Swager as the manager.

DeSollar and Bowles represented the seller, and the buyer was self-represented.

DeSollar may be reached at 520-400-2732; Email:  tom@azfirstprop.com

Bowles may be reached at 520-404-8989; Email: charlie.bowles@comcast.net   

To learn more, subscribers can see RED Comp #11779.

PHOTO by Ben Otto: 2475 E Water Street in Tucson, AZ