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The infill property, known as the “Donut Hole” at Rancho Vistoso in Oro Valley, so named because of the way the golf course wraps around it, was purchased by True Life Communities a private company of San Ramon, CA (Taber Anderson, CIO). In August 2012, the developer purchased 168 acres for $10 million (about $60,000 per acre) and recently acquired an additional 26 acre out piece for[mepr-show rules=”58038″]$3.44 million, (about $132,000 per acre) as part of the ‘Donut Hole’ project.

Arizona Vistoso Return, LLC an entity of Armed Forces Bank of Kansas City, MO (David Frances, EVP) sold the first 168 acres to the investor/developer; it was an REO sale. The seller of the next 26 acres was Vistoso Partners, LLC, a privately-held company in Tempe, AZ (Ashton Wolfswinkel, manager).

True Life Communities has assembled 194 acres, and reportedly has 70 acres designated for open space, for a total of 124 net acres for development of roughly 400 residential lots ($33,600 per lot).

Will White of Land Advisors Organization of Tucson handled both transactions for the developer and has been retained to co-manage the marketing and homebuilder sales for True Life Communities. Discussions with several homebuilders for platted and engineered lots has already begun with the True Life Team.

The Real Estate Daily News on Feb 27, 2013 reported “Rincon Knolls Goes For $6.1 Million”, please see this related transaction for more information.

Taber Anderson can be reached in the Phoenix office at (602) 626-8777. David Frances of Armed Forces Bank is at (816-472-0081 ext. 26076. Ashton Wolfswinkel at Vistoso Partners can be contacted at (480) 831-2000. Will White of Land Advisors is at (520) 514-7454.

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Feb. 22, 2013 Rick Engineering Company, Inc. (Paul Iezzi, President and Bruce Paton, Secretary), a division of Rick Engineering of San Diego, purchased four office condos on two-stories, with an aggregate of 16,900 sq. ft. for[mepr-show rules=”58038″]$3.5 million, or $207 per sq. ft. at the Puente Nuevo Plaza, 3945 E Fort Lowell Road in Tucson.. Rick Engineering was previously a tenant of the same space in the 27,000 sq. ft. two-story building. The seller was Puente Nuevo Development, LLC of Park City, UT an affiliate of Craig Masters Investment of Tucson (Craig Masters, principal).

Rick Engineering has been working in Tucson since 1987, and moved into its current office at Puente Nuevo in 2008, shortly after the building was completed. Puento Nuevo Plaza sits on 5.6 acres at the northeast corner of Alvernon and Fort Lowell, other tenants in the building include Dehnert Dental and Congressman Ron Barber.

Rick Engineering is a privately-owned corporation founded 1955 by Glenn A Rick in San Diego that offers a full scope of planning, design and engineering services. Today, it has eight locations in San Diego, Riverside, Orange, Sacramento, San Luis Obispo, and Bakersfield in California, and Phoenix and Tucson in Arizona serving the Southwest.

Some of its projects in and around Tucson include La Encantada, Gladden Farms Master Community, Williams Center, Cienega High School in Vail, The Gallery at Dove Mountain, Loews Ventana Canyon Resort, Miraval Resort & Spa, Tangerine Crossing, Rancho del Lago Clubhouse & Golf Course, Titan Missile Museum in Sahuarita, University of Arizona Learning Center, Intuit, Raytheon ATA Building, Joesler Village, Whetstone Ranch and Texas Instruments.

According to Bruce Paton, a partner with the Rick, “the decision to buy now instead of continue leasing was made because of the current low interest rates and favorable terms that were able to lower their monthly overhead.”Financing was handled by Donna Cotlow, Sr. Business Development Officer at Wells Fargo Bank SBA Lending. There were no real estate brokers involved in the transaction.

For more information on Rick Engineering, contact Bruce Paton at (520) 795-1000. Craig Masters can be reached at (520) 615-5268. Call Donna Cotlow of Wells Fargo SBA Lending is at (520) 577-2200.

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Summit Raintree, an entity formed by privately-held Summit Equity Investors, Inc. of Los Angeles, CA (Joseph Rosen, President) purchased the 364-unit Raintree Apartments at 6450 E. Golf Links Road for[mepr-show rules=”58038″]$9.25 million, or approximately $25,400 per unit. The seller was Raintree Associates, an affiliate of Thompson Michie Associates, Inc. of Salt Lake City, UT (Trenton Michie, partner).

The 143,299 sq. ft. gated community was built in 1983, and consists of 20 two-story buildings on 10 acres. The property was 89% occupied when it sold, with 40 vacant units.

The unit mix has studios, one- and two-bedroom units, with 66% one-bedrooms. Community amenities include: disability access, pet friendly without weight restrictions, short term rentals available, basketball courts, clubhouse, emergency maintenance, fitness center, free gym passes, gated access, courtesy night patrol, high speed internet, laundry facility, public transportation, heated swimming pool, whirlpool/spa, volleyball court, racquetball court, gazebo, lush landscaping, gas grills, carports, free DVD library, jogging track and picnic area, and a resident referral program. Apartment amenities include: oversized closets, dishwasher, air conditioning, view, vaulted ceilings/skylights, and expanded basic cable.

The transaction was negotiated by Art Wadlund of the newly renamed Hendricks-Berkadia in Tucson, its first Tucson transaction since the merger between Hendricks & Partners and Berkadia Commercial Mortgage, LLC. Berkadia financed the sale for Summit Equity Investments.

Berkadia Commercial Mortgage, LLC a joint venture between Berkshire Hathaway and Leucadia National Corporation, is a master and primary servicer managing a portfolio of more than $200 billion at year-end 2012. As a correspondent for insurance companies and other institutional lenders and a leading approved lender for Fannie Mae, Freddie Mac and HUD/FHA, Berkadia offers clients access to capital for the acquisition, construction, rehabilitation or refinance of multifamily and commercial properties.

For more details, contact Art Wadlund of Hendricks-Berkadia at (520) 299-7200. Trenton Michie can be reached at (801) 532-6143. Joseph Rosen of Summit Equity is at (310) 477-5300 and the Raintree Apartments leasing office is at (520) 441-7750.

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