Thrac Paulette, this year’s CCIM Forecast Winner in the land category reported that there was a total of 84 residential land transactions in the Tucson market for 2013, totaling $148 million. The Northwest Submarket was the most desirable with 36 transactions in 2013. The Southeast and Far South Submarkets each had 11. Local, private builders focusing on small groups of lots indicated that they see a lot of value in the property but also caution in the market.

The following three land deals are from year-end and conclude our reporting of residential land transactions for the year.

Tucson Urban League sold approximately 5 acres previously platted for 42-lots for $275,000 ($55,000 per acre). The buyer, Rio Viejo Partners intends to replat the property for a new multifamily development, Rio Viejo Apartments. Information was not available on the number of units planned at this site.

Tony Reed of Long Realty in Tucson represented the seller and Greg Moore of Territorial Brokers of Tucson represented the buyer. [mepr-show rules=”58038″]Sale date: 12/30/2013. $75,000 down, balance private financing. APNs: 14-19-233 thru 140-19-275.[/mepr-show]

Richmond American took down 14-lots at Tangerine Crossing for $908,520 ($65,000 per lot). This transactions represents the final takedown in a rolling option that started 4 years ago. MFV-FC Portfolio, LLC and affiliate of Mountain Capital was the seller. There were no brokers involved. [mepr-show rules=”58038″]Sale date 12/20/2013. All Cash. APN: 219-37-019, 020, 032, 035, 036, 040, 042, 043, 044, 051, 052, 053, 088 & 089[/mepr-show]

Signature Homes by Miramonte, LLC (Stephen Quinlan, Manager) of Tucson purchased 19.54 acres of vacant land for $350,000 ($18,000 per acre). The property is located northeast of Thornydale on Hardy Road in Pima County. The seller was Constantino and Nelida Panousopoulos of Nogales. [mepr-show rules=”58038″]Sale date: 12/16/2013. All cash. APN: 225-02-029B[/mepr-show]

In 2013 there were 3,759 actual residential building permits for single family detached units, single family attached units and multifamily units.

The CCIM 2014 Land Panelists’ forecasts follow:

• Thrac Paulette of Vast Real Estate Solutions is forecasting 3,900;
• Terry Klipp of Terramar Properties forecasts 3,558 permits,
• and John Carroll of Land Advisors forecasts 3,245 permits.

For more information, Reed can be reached at (520) 918-5189, Paulette is at (520) 624.9400. Klipp can be contacted at (520) 577-7800 and Carroll is at (520) 514.7454

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Groves Assisted Living Homes, LLC of Tucson (Sherre and Marshall Weeks) purchased the Groves Assisted Living facilities for $2.5 million ($42,000 per bed). The sale included three properties, 4014-4034 E Pima Street, 4110 E Spring Street and 2785 N Calle De Romy in Tucson and comprise six 10-bed licensed homes and an SFR. Convenient to Tucson’s central and eastside, the gated communities are fully secured and access controlled allowing our residents freedom to enjoy the outdoor environment.

With each residence designed and built specifically to serve the needs of seniors in need of special assistance with their daily activities, the Groves has been a part of Tucson’s adult care community since 1992, Arthur and Anita Flagg the sellers, joined the operating partnership in 1996 and in 2009 bought out the other partners.

The Groves meets all assisted living requirements for accessibility while maintaining a secure home environment. Each home has a comfortable living area where residents can mingle with others, watch television and enjoy the companionship of our caring staff.

The dining rooms are spacious and allow plenty of room for residents and guests to eat together. The open floor plans with wide hallways and accessible bathroom facilities are well suited for the care of our residents. Spacious bedroom options include companion rooms, private rooms and suites.

Rooms can be personalized with the resident’s own furniture and decorative items. Porches and outdoor walkways allow ample room to enjoy our Arizona climate in a safe and secure environment.

Bob Webb with R.W. Webb of Tucson handled the transaction for buyer and seller and can be reached at (520) 296-2230 for more information.

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[mepr-show rules=”58038″]The sale date was 12/2/2013. Buyer purchased with an SBA loan. No income information was obtained.[/mepr-show]

Two Tucson apartments deals sold with an aggregate sale price of $2.72 million for 76 total units.

The Roger Plaza Apartments at 102 West Roger Road in Tucson sold in December for $1.4 million ($28,000 per unit). The price is deceiving though, since it was an option agreement entered into three-years prior between the seller, Equitas Investment Partners, LP No.#1 of Studio City, Calif, and the buyer, Walnut Property, LLC of Tucson (Andrew Pongrantz, member) an affiliate of Pongrantz Properties & Management.

Pongrantz leased and managed the property from the seller for three years, paying $100,000 for the lease option to purchase. The property had been below market rents in the area and Pongrantz believed he could turn it around, and did. In return, the 2011 sale price was agreed upon in the lease option between buyer and seller.

Roger Plaza is a 50-unit complex with two buildings, totaling 31, 280-square-feet, and a unit mix of one- and two-bedroom units. Property features include a gated pool, laundry facility, office, AC, refrigerator, vertical blinds, walk-in closets, and balconies. It was built in 1987 on 1.45 acres on Roger Road, west of Stone in the Central Tucson submarket. The walk score on this property is 71 with a bike score of 73 out of 100.

Hamid Panahi of Marcus & Millichap in Tucson represented the seller in the Roger Plaza transaction, and the buyer was self-represented.

The sale of Park Avenue Townhomes at 2840 N Park Ave in Tucson for $1.32 million ($50,654 per unit) took place in January to an investment group of individuals from Goleta, Calif. This 26-unit, single story townhome community (built 1977) is 14,197-square-feet in seven buildings on 1.84 acres, near Glenn and Mountain, in Central Tucson.

The units are all one-bedrooms built with adobe style construction, and each approximately 550-square-feet in size.  Amenities include Washer/dryer hook-up in selected units, AC, refrigerator, a kitchen pantry, cable ready, ceiling fans, built-in dresser and a large oversized private patio. Units are master metered for water, sewer and garbage.

Located near shopping, restaurants and the UA Mountain bike path this property has a walk score of 68 and a bike score of 99 out of 100.

Tony Reed of Long Realty in Tucson represented the seller, The Lake Investment Group of Tucson (Larry Cochran, managing member).  The buyer was represented by Dana Cole of The Hallmark Group in Tucson.

To reach The Roger Plaza Apartments, call (520) 624-4628. Panahi can be reached at (520) 202-2900.  Reed should be contacted at (520) 918-5189 and Cole is at (520) 979-3710.

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[mepr-show rules=”58038″] Roger Plaza sale date 12/19/2013. APN: 105-12-056A. Buyer exercised a 3-year old lease option on purchase. Seller reported property value at time of sale was $1.8 million appraised value at time of sale. Property was 95% occupied at time of sale.

Park Avenue Townhomes sale date: 1/10/2014. APN: 113-08-054, 055, 056. Buyer paid $395,000 down and financed the balance with new loans at undisclosed terms. Property sold at a 7% cap rate, listing broker reported. [/mepr-show]