HSL Properties of Tucson has begun construction on two high-end luxury apartment complexes in Marana and Oro Valley. The Encantada at Steam Pump Ranch in Oro Valley will have 288-units and Encantada at Dove Mountain in Marana will be 272-units, for a combined sum of 560-units. Both include a clubhouse with movie theater, dog park and some unique recreation amenities such as resort-style heated pools and spas with ramadas, clubhouses with gourmet- kitchens, and professional gyms. Both properties will include a coffee house for the residents, with the stand-alone building in Oro Valley being independently owned and operated.

The Encantada at Steam Pump is located northwest of 1st Avenue and Oracle Road in Oro Valley, on 13 acres that HSL bought in May, 2012 for $3.3 million. The 288-unit luxury apartment complex will cost $34 million ($118,000 per unit) to build.

The Encantada at Dove Mountain site was purchased earlier, in 2011. HSL paid $3.8 million for the 19.95 acres at the northwest corner of Tangerine and Camino de Oeste in Marana. Justin Lanne of Newmark Grubb Knight Frank in Tucson handled the land acquisition for HSL.

Both properties will begin clubhouse leasing in August or September with first occupancy scheduled at the end of 2013 according to Omar Mireles, Executive Vice-President at HSL. Mireles said the permitting process with both Oro Valley and Marana Development Services was straightforward and they were pleased to go from permitting to ground-breaking in a matter of months.

HSL Properties, Inc. was established in 1975 and have since acquired, owned, operated and developed properties in Arizona, California, Colorado, Georgia, New Mexico, and Texas, and formed more than 100 limited partnerships and limited liability companies for conducting business.

HSL Construction Services, the construction arm of the business is the builder on all projects. HSL’s new northwest complexes will be similar to the 304-unit luxury apartment complex, Encantada Riverside Crossing, that was constructed in 2012 for $32 million.

HSL’s focus is primarily on multi-family apartment communities from its headquarters in Tucson, and is well known for multi-family housing throughout the Southwest. In 2010, HSL won the International Crime Free Owner of the Year Award.

Currently, HSL Properties owns and operates 41 apartment communities, with 32 in Tucson, 7 in Phoenix, 1 in Casa Grande, and 1 in Yuma. This amounts to approximately 10,000 units/families and over 7 million square-feet.

In 2002, HSL formed its Asset Management Company which provides effective site-management and resident services, making HSL a unique developer. The Asset Management Company has grown exponentially and now has more than 300 employees.

Mireles at HSL can be reached at (520) 322-6994 and Lanne is at (520) 321-3354.

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Richmond American Homes of Arizona (Michael Del Castillo, Regional Vice-President), a wholly owned subsidiary of M.D.C. Holdings of Delaware (NYSE:MDC), bought 40-lots at Oasis Hills II in Marana from Red Point Development (Daniel Leung, President) for[mepr-show rules=”58038″]$810,000 ($20,250 per lot). Located southeast of Camino De Manana and Oasis Road in Marana, the lots were platted and engineered at time of sale with an average lot size of 5,420 sq. ft.

Richmond will join builder, D.R. Horton, in this Northwest subdivision. D.R. Horton began building in June 2012 after buying 83-finished lots with an average lot size of 6,277 sq. ft. for $42,000 per lot.

M.D.C. Holdings, Inc. was founded in 1972 and is based in Denver, Colorado. M.D.C. reports in their 2012 Annual SEC report:
“As a result of our strategic initiatives and a recovering housing market, we achieved full year profitability of $62.7 million for the year ended December 31, 2012, which represented four consecutive quarters of operating profits and more than a $160 million improvement in our net income over 2011. Our favorable results were largely attributable to better operating profits from our homebuilding segment, which experienced significant revenue growth as well as operating margin expansion. In addition, our financial services segment profit increased considerably as we took advantage of favorable mortgage market conditions, including higher volume and margins for our mortgage loan products.”

Presidio Engineering of Tucson (John Wood, President) provided the civil engineering services for preliminary and final plat preparation of the new 40-lot residential subdivision on 9.89 acres, zoned “F” in the Cascada Specific Plan and MDR (Medium Density Residential) in Marana. Engineering of the lots included mass grading plan, paving and sewer plan, water plan, a Storm Water Pollution Prevention Plan (SWPPP) and construction observation.

Dan Feig of Chapman Lindsey in Tucson represented the seller in the trasaction.

Del Castillo can be reached at (520) 229-5454. Leung is at (520) 408-2300. Feig can be contacted at (520) 747-4000.[/mepr-show]

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Ethan Christopher, LLC of Encina, CA, a syndicator of the purchase of medical office buildings and shopping centers in Southern California and Arizona purchased through its affiliate, EC Irvington Foundation, LLC the shopping center at 1758-1850 E Irvington Road and 4980 S Campbell Ave in Tucson for[mepr-show rules=”58038″]$5.95 million ($108 PSF). Leon, LLC (Gabriel Gutierrez Gomez) was the seller.

The 54,480 sq. ft. shopping center at Irvington Road and Campbell Avenue was fully leased to sixteen tenants when it sold. Tenants include Goodwill of Southern Arizona, O’Reilly Auto Parts, KinderCare, Sunny Daze Cafe, Ace Cash Express, Advance Cuts, Liberty Tax, Egee’s, New Nails, Major League Barber Ship, Wash Mill, Oasis Insurance, T-Mobile and Sue’s Fashion and two kiosks leased to Wells Fargo ATM and Rjen Aqua – Water.

Ethan Christopher was founded in 1999, and owns and operates approximately 1.6 million sq. ft. of medical office buildings and shopping centers. The Company is a hands-on operator for approximately 700,000 sq. ft. of medical office properties and another 900,000 square feet of shopping centers. The Arizona subsidiary of the firm, Ethan Christopher Arizona LLC, manages shopping centers in the Phoenix area and claims to be the largest landlord for Goodwill stores in Arizona. Ethan Christopher AZ, LLC coordinates the management activities of the firm’s Arizona assets from its Peoria office.

“O’Reilly’s is a beautiful store and the Walgreen’s on the corner was recently upgraded; the only work needed at the center is parking lot repair, that will be expensive and will probably be done this Fall,” said Browne.

Ethan Christopher has holdings in California, Nevada, Oklahoma, Texas and Arizona and is actively looking to acquire additional medical offices and shopping centers in Tucson. The Company’s preferred products are valued at $3 million and up, with preference for value-added transactions (70-85% leased), but the Company will consider stabilized properties with an upside and at least five tenants, with staggered lease expirations.

Mark Ruble, Senior VP of Investment at Marcus & Millichap, in Phoenix represented the investor. David Lee of the David Lee Real Estate Company in Tucson represented the seller.

For more information on Ethan Christopher contact Aric Browne or Mark Hamermesh at (818) 986-9174. Ruble can be reached at (602) 687-6766 and Lee is at (520) 795-3199.

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