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The following sales were compiled from public record during Q2 2013 for Northeast, East Valley and Southern submarkets. They have not been confirmed and are published for informational purposes only. See also https://realestatedaily-news.com/multifamily-sales-in-tucson-central-submarket-q2-2013/ for Central submarket.

NORTHEAST SUBMARKET
12-Units at 4411-4423 E Bellevue St, Tucson, AZ 85712 sold for[mepr-show rules=”58038″]$254,000 ($21,166 per unit) Property was bank-owned by City National Bank at time of sale and sold to an investor, TZLC Investment Group of Warsaw, IN. All 2-bedrooms, 1,044 sq. ft. each (built 1952 and 1977) on .41 acres. NOI was $29,484 or 11.6% cap rate. Sale date was 6/17/2013.

Duplex at 4049 E Glenn St, Tucson, AZ 85712 sold for $115,000 ($57,500 per unit). Seller was Merle Schauer of Tucson and investor Eric Monnin of Tucson. Both two-bedroom units (built 1972) in a 1,652 sq. ft. building on .15 acre. Sale date was 4/1/2013.

3-Units at 2647 – 2651 N Columbus Blvd, Tucson, AZ 85712 sold for $70,000 ($23,333 per unit). Property was bank owned by National Bank of Arizona of Phoenix and investor was Solution Finders, LLC of Tucson (Sara Jess). The two buildings total 3,504 sq. ft. (built 1949) on .47 acre. Sale date was 5/17/2013.

Duplex at 2655 N Mountain Avenue, Tucson, AZ 85719 sold for $169,000 (84,500 per unit) located at the NWC of Circle Dr. & Mountain Ave. Seller was Donald & Jacqueline Fry Living Trust of Tucson and the investor was Louis Anthony & Madeleine Crespo of Tucson. The two units are in a 1,366 sq. ft. building (built 1962) on .15 acre. Sale date was 6/19/2013.

EAST VALLEY SUBMARKET
4-Units at 2010 S Montezuma Ave., Tucson, AZ 85711 sold for $165,000 ($41,250 per unit). The seller was D&G Southwest, LLC of Tucson and the investor Ricardo Fernandez of Tucson. The single story, 3,120 sq. ft. building (built 1978) on .21 acre. Sale date was 6/12/2013.

8-Units at 3700 S Old Spanish Trail, Tucson, AZ 85711 sold for $830,000 ($103,750 per unit). The seller was Saguaro Corners Rentals, Inc. of Tucson (Dale Calvert, President) and the investor El Cortijo, LLC of Tucson ( Kelley Matthews, member). The eight casitas total 7,507 sq. ft. (built 1958 & 1960) on 8.53 acres. Sale date was 6/7/2013.

Duplex at 939 – 941 N Benton Avenue, Tucson, AZ 85711 sold for $132,500 ($66,250 per unit). The seller was Carlos Zapata of Tucson and the investor was the Novak Family Trust (Raymond and Lizbeth Fogle Novak). The two units are in a 1,941 sq. ft. building (built 1947) on .31 acre. Sale date 4/5/2013.

Triplex at 5657 E Pima Street, Tucson, AZ 85712 sold for $103,000 ($34,33 per unit) at the NWC of Pima & Van Buren Ave. This was an REO sale, the seller was Federal National Mortgage Association c/o Green Tree Servicing, and the investor, POSCO PSP, LLC of Tucson (Ron Kessler, Manager). The three units are in a 2,765 sq. ft. building (built 1951) on .21 acre. Sale date was 6/26/2013.

Triplex at 2515 S Pantano Parkway, Tucson, AZ 85710 sold for $290,000 ($96,666 per unit).  The seller was Joseph & Rylee Ryan of Tucson and the investor, The Andre Mate Trust of Tucson. The three units, two 2-bedroom/2 bath and one 1-bedroom/ ¾ bath are in a 3,150 sq.ft building (built 2009) on .23 acre. The seller is an agent and handled the transaction. Sale date was 6/25/2013.

SOUTHERN SUBMARKET
Duplex at 2001 S 3rd Avenue, Tucson, AZ 85713 sold for $75,077 ($37,539 per unit). The sellers were Tomas and Maria Guzman of Tucson and the investor was RNS Rentals, LLC of Tucson (Richard L Potter, member). The two units are in a 1,565 sq. ft. building (built 1972) on .17 acre. Sale date was 5/20/2013.

4 Units at 5750 S Morris Blvd., Tucson, AZ 85706 sold for $120,000 ($30,000 per unit). The seller was the Parcelluzzi Family, LLC of Tucson and the investor was 5750 S Morris, LLC of Tucson (Scott Brittenham, member). The four units are in two buildings, 1,104 sq. ft. and 1,440 sq. ft. (built 1950) on .43 acre. Sale date was 5/3/2013.

Duplex at 2737 N Incas Place, Tucson, AZ 85705 sold for $135,000 ($67,500 per unit). The seller was Davmar Properties, LLC of Tucson (Margo & David Tetrault) and the investor was Suzanne Seay of Tucson. The total living area is 1,260 sq. ft. (built 2006) on .17 acre. Sale date was 5/15/2013.

12-Space RV Park with 12 hookups sold at 10172 S Nogales Hwy, Tucson, AZ 85706 for $185,000 ($15,500 per space). The seller was Connie J Miller and the Connie J Miller Trust of Tucson the investor was A. Cortiz Capital Investment & Management Company of Tucson. The property has no buildings and is on .84 acre RV site, built in 1999. Sale date was 5/29/2013.[/mepr-show]

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Tucson Family Medicine of Tucson (Dr Herbert Jalowsky and Dr Richard Ruben) is constructing a new family medical building at 7105 N La Cholla Blvd in Tucson for its new location. A 39,404 sq. ft. lot was purchased southwest of Ina and La Cholla Blvd. for[mepr-show rules=”58038″]$375,000 ($9.52 PSF) for construction of an 8,000 sq. ft. approximately single story medical use building.

The family medicine practice plans to move from its current location at 1925 W Orange Grove Ste 100 on the Northwest Medical Campus to this new structure scheduled for completion by year’s end.

Sierra Bravo Phase II has an additional 3.6 acres of land zoned TR remaining to be developed at this site, next to Walgreens on the southwest corner and the vacant former Science Academy newly remodeled to the west that is available for lease.

Ian Stuart of CBRE in Tucson represented the seller/developer, Sierra Bravo Properties of Tucson (Chuck Singleton, managing member) and David Monitjo also of CBRE Tucson represented the buyer.

Seaver- Franks are architects for the project and United Builders the General Contractor. Financing for the project was arranged by Canyon Community Bank.

Ian Stuart can be reached at (520) 323-5180 and David Montijo is at (520) 323-5136. To contact Tucson Family Medicine, the number is (520) 547-0611. Singleton at Sierra Bravo can be contacted at (303) 803-0383. Canyon Community Bank can be reached at (520) 529-5500. Seaver Franks can be reached at (520) 795-4000.[/mepr-show]

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ROC II AZ Mission Palms, an affiliate of Bridge Investment Group Partners, LLC (“Bridge”) of Murray, UT (John Pennington, Chief Compliance Officer) purchased the 360-unit apartment complex at 951 West Orange Grove in Tucson for[mepr-show rules=”58038″]$25.65 million ($71,250 per unit /$68.78 PSF) from JIK Mission Palms, an affiliate of JI Kislak, Inc. of Miami, FL that has owned the property since 2000. The investor assumed an FHA loan and put $400,000 down in the purchase.

The two-story 372,928 sq. ft. class-B complex has 92 masonry buildings on 28.7 acres. Built in 1978, the community consist of 33% one-bedrooms and 67% two-bedrooms floor plans. The one bedrooms are 754 sq. ft. and the two-bedrooms range in size from 1,140 sq. ft – 1,309 sq. ft.

Back in the 1930s and 1940s, Mission Palms was known as “Rancho Nezhone” or Beautiful Ranch in Navajo. Raw desert land was cleared and a ranch, orchard, greenhouse, barn, and a 300-stone wall in front of the property, which still stands today, were built. The property was a retreat for such celebrities as Liberace, singer and actress Kate Smith, Gen. John Pershing, and William Boyd (aka Hopalong Cassidy). After almost two decades as a guest ranch, the main house was converted to apartments, a dining room was built, and the property became a guest resort and supper club. In 1976, the monkeys and parrots were removed from the property, and the property became as it’s currently known, Mission Palms Apartments

The current property includes such amenities as two pools, tennis courts, a clubhouse, a putting green, a one-mile walking trail and as much citrus as one can manage to collect. In addition to year-round good weather, residents are also given a complimentary membership to a local gym.

Bridge, the new owner, is an investment advisory firm whose principals have a 22 year history of success in the multifamily and commercial office real estate sectors. It purchases real property and real estate backed loans at attractive valuations, build significant value through internal and affiliated operational expertise, and exit such investments once the improvements have been put in place.

This is the firm’s third multifamily investment in Tucson. Bridge also owns through affiliates, the Mirabella Apartments at 1345   S Kolb Road and San Marin Apartments at 5650   S Park Avenue in Tucson

The principals at Bridge possess extensive experience in all facets of real estate investment. This includes development, management, operations and financial engineering, and spans all major asset classes especially the multifamily apartment and commercial office sectors. Bridge owns, manages and operates, through privately held real estate investment vehicles, over 20,000 apartment units and over 1.5 million square feet of commercial office space, as well as select other real estate assets.

Art Wadlund of Hendricks Berkadia in Tucson negotiated the transaction for the seller.

Kislak can be contacted at (305) 364-4100. Pennington is at (801) 716-4553. Wadlund should be reached at (520) 299-7200.

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Login to view additional information for subscribers only. [ismember] The following income information was annualized from April 2013 year-to-date. Property sold with GPI of $3,400,835. It was 98 % occupied at time of sale and sold with rental loss of $383,891.  Miscellaneous income of $325,155 was reported, with total operating expenses of $1,534,480. Reserves were estimated at $300 per unit for total operating expenses of $1,642,480. Property sold with an NOI of $1,699,619 and a reported 6.63% cap rate. [/ismember]