Tucson builders surpassed $10 million in purchases for July and August. A summary of each transaction follows:

BUILDER CASH PURCHASE
Southeast Submarket
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[mepr-show rules=”58038″]At New Tucson Unit 5 – D.R. Horton acquired 51-SFR finished lots for $1.715 million ($33,600 per lot) from NT Properties (Steve Russo, et al). New Tucson lots vary in size from 55’ to 70’ x 100’. (sale date: 8/2/2013. APNs: 305-30-086 thru 099, 101, 104 thru 107, 109 thru 119, 121, 127 thru 134; 305-26-014, 090, 111, 126, 141, 202E, 145, 147, 155, 048, 128, 136. All cash deal.)

BUILDER OPTION PURCHASES
Northwest Submarket
At Tangerine Crossing – Richmond American Homes took down 3-finished lots for $203,400 ($67,800 per lot) from MFV-FC Portfolio of Charlotte, NC. Richmond has an option agreement for 63 finished 55’ wide lots that began October, 2012. (sale date: 7/17/2013, APN: 219-37-090 thru 092. All cash deal.)

West Submarket
At Sonoran Ranch II – D.R. Horton purchased 24-finished SFR lots for $612,000 ($25,500 per lot) from Son Land Company of Torrance, CA (Luigi Schiappa, managing member). The option agreement started Q1 2013 for 52-finished SFR lots. This is the third and final takedown. Sonoran Ranch II is located west of Tucson near Star Valley and offers six models ranging in price from $141,900 to $193,900. The lots are 55’x 110’, average lot size is 6,050 sq. ft. Dan Feig and Aaron Mendenhall of Chapman Lindsey in Tucson represented the seller. (sale date: 8/1/2013. APNs: 210-55-514thru 520, 540, 549 thru 559, 566 thru 570. All cash deal)

West Submarket
At Caddis Haley Estates – D.R. Horton took down 9-SFR finished lots for 180,000 ($20,000 per lot) from Caddis Bridge, LLC of Tucson (Greg Anderson, manager). The subdivision is located at Valencia and Vahalla. Lot sizes are 45’ wide and the option agreement is for 134-lots that started in June 2012. D.R. Horton offers five floor plan models ranging in price from $127,900 to $160,000. Dan Feig and Aaron Mendenhall of Chapman Lindsey in Tucson represented the seller in the transaction. (sale date: 7/3/2013. APNs: 210-36-018 thru 020, 127, 128, 135, 136, 159, 160. All cash deal.)

West Submarket
New Builder joined Caddis Haley Estates – LGI Homes of Texas (Chirs Kelly) took down 24-SFR finished lots for $588,000 ($24,500 per lot) from Caddis Bridge, LLC of Tucson (Greg Anderson, manager). Lot sizes are 45’ wide and this is the first phase of an option agreement for 72-lots. LGI have secured lots in Caddis Haley and Sonora Ranch and expect to be selling homes by the end of the year. Dan Feig and Aaron Mendenhall of Chapman Lindsey in Tucson represented the seller in the transaction. (sale date: 8/28/2013. APNs: 210-36-087, 089 thru 112. All cash deal. LGI financing construction if through the Bank of Texas)

South Submarket
At Sahuarita Highlands – D.R. Horton took down 5-finished SFR lots for $215,000 ($43,000 per lot) from Red Point Development (Daniel Leung, President) of Tucson. The option agreement is for a total of 153 lots. Sahuarita Highlands offers five floor models that range in price from $187,900 to $206,900. Dan Feig and Aaron Mendenhall of Chapman Lindsey in Tucson represented the seller. (sale date: 8/14/2013, APNs: 303-54-155 thru 157, 066, 067. All cash deal.)

BUILDER CASH PURCHASES OF RAW LAND
Northwest Submarket
A.F. Sterling HomeBuilders of Tucson (Randy Agron, Vice-President) bought 17.37 acres of raw land at Lambert and Old Father in Pima County for $420,000 ($84,000 per lot) to subdivide into five 3.3 acre parcels for semi-custom home construction by buyer. The seller was Lim Revocable Trust of Tucson. Jeremy Braun of Jeremy J. Braun in Tucson handled the transaction for buyer and seller. (sale date: 7/2/2013, APN: 224-16-0140, all cash.)

HOLD FOR INVESTMENT
Southeast Submarket
Vail, AZ – Sonoran Development of Prairie Village, KS traded into 23.19 acres of raw land valued at $221,000 ($9,530 per acre) to hold for investment. The property at Dusty Silver Spur Way and Colossal Cave Road is south of Saguaro National Park and near 414 additional undeveloped acres owned by the buyer. 2718, LLC of Tucson (Matthew McKenzie, Principal) was the seller.
(Sale date: 7/18/2013, APNs 205-76-060A, 061A, 64C, 065A, down payment was zero on the affidavit of value)

Northwest Submarket
Marana, AZ – Jon Post of Marana bought 30.59 acres of undeveloped land in Marana for $200,000 ($6,538 per acre) from T& J Family Limited Partnership, LLP of Marana. The buyer owns Post Farms which is in area of the purchase. (sale date: 7/19/2013, APN: 217-45-003A, 0040, all cash.)

See also https://realestatedaily-news.com/richmond-american-building-new-communities-north-and-south/ for $2.65 million – two Richmond American communities.

See also https://realestatedaily-news.com/new-aerie-community-planned-for-sabino-canyon-river-road/ for $1.4 million – Aerie Community at River & Sabino Canyon.

See also https://realestatedaily-news.com/the-pines-d-r-hortons-newest-community/ for $2.28 million – D.R. Horton’s new community “The Pines”.[/mepr-show]

The strip center at 7366 N Oracle Road in Oro Valley was sold for $1.4 million ($140 PSF) to AM Oracle Building, LLC. The 10,032-square-feet property was occupied by two tenants when it sold, New Balance Shoes and Good Threads by Goodwill, with an additional 3,000 square-feet still available.

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[mepr-show rules=”58038″]New Balance had occupied the space for about seven years, and is one of two locations in Tucson for New Balance Shoes. A Boston-based arch support company that started in the early 1900’s, selling supports to police officers and waiters. Today, New Balance has grown to become a leading global athletic products company meeting the needs of the everyday athlete. The New Balance family of brands includes New Balance, Dunham, PF Flyers, Aravon, Warrior and Brine.

Good Threads, the first Goodwill boutique in the area, moved in last April, for complete story on Good Threads see https://realestatedaily-news.com/first-goodwill-good-threads-boutique-now-open-on-oracle/.

The property was lender owned at time of sale, having been returned in December 2010 to IPTV-B-L6-157, LLC a private lender out of Dallas, TX.

Greg Furrier, Principal and Rob Tomlinson Retail Specialists with Cushman & Wakefield / Picor handled the transaction.

For more information, Furrier and Tomlinson should be contacted at (520) 748-7100.[/mepr-show]

[ismember]Sale date: 8/29/2013. Buyer, AM Oracle, LLC, Alan Miklofsky is also owner of New Balance Shoes and the Shoe House at 6030 N Oracle. He did not want his name to appear, or the fact that he is also a tenant in the article.[/ismember]

Miramonte Apartments at 770 North Dodge Blvd. in midtown Tucson was sold by Bradley Chilcote of Tucson for $1.2 million ($36,000 per unit). The 33-unit complex in four 2-story block constructed buildings (built 1966) had been extensively renovated in 2010 and 2011 by the seller.

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[mepr-show rules=”58038″]The property has a central courtyard with units wrapping around the pool and courtyard. The unit mix includes four studios, 28 one-bedroom and one two-bedroom units, all have new double-pane windows, new wood flooring, new kitchen and bathroom cabinets and countertops, light fixtures and fans, new internal doors and all new appliances. Dishwashers are included in the units and there is a common laundry room. Recent exterior improvements include new paint, landscaping signage and parking lot. The utility system is also all new within the last 7 years with new efficient domestic hot water heater installed 2011 and new HVAC system and boiler installed in 2010.

Located west of Alvernon and East 4th Street, the property is less than 2-miles east of the University of Arizona within the historic Miramonte neighborhood. The property has a walking score of 71 and a bike score of 85.

Nearby shopping and employment centers include El Con Mall with a 20 screen movie theater, Home Depot, Target and others. Recreational offerings include Reid Park about ½ mile to the south that has an 18-hole public golf course, community center, the Randolph tennis center and the Reid Park Zoo.

The buyer is a private investor, JMY Properties, LLC of California (Jason Yamada, Principal). Yamada told us this is his first investment in Tucson. He had been searching the internet for quite some time, and had narrowed his search down to Tucson for best value, before finding the right investment property. Yamada would like to find other properties of this type for investment in the area.

Chuck Corriere of Keller Williams in Tucson handled the transaction for seller and investor.

Peach Properties has been retained to handle the property management and leasing of the property.

Yamada can be reached at (310) 343-5859. Corriere should be contacted at (520) 400-9811.[/mepr-show]

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[ismember]Sale Date: 8/22/2013. 4 Studios 400 SF each, 28-1-bedrooms 500 SF each, and one 2 bedroom 1 bath is 600 SF. Total buildings: 17,190 SF on 1.09 acres. Property sold at an approximate 8% cap rate based on income at time of sale, units are master metered for utilities. Buyer put $300,000 (25%) down and financed the balance with conventional financing.  [/ismember]