This article has been archived, please login for access or subscribe now by going to the subscribe tab at the top of page.

Excuse me, but to paraphrase a song lyric from the holiday season: ‘It’s been said many times, many ways…’ SFR lot sales continue to be where the action is.

Meritage Homes will be constructing 24 new homes on half-acre lots at Stone Canyon at Rancho Vistoso in Oro Valley.  Meritage Homes of Arizona (Michael Isles Cremieux, VP of Land Acquisitions) bought 23-lots at Rancho Vistoso’s Stone Canyon in Oro Valley for[mepr-show rules=”58038″] $3.25 million ($141,000 per lot). The seller was Rialto Capital Management, a subsidiary of Lennar Homes in Tempe. In a separate transaction, Meritage acquired a single finished lot total 24-SFR lots, from the Ferguson Family Trust for $170,000.  Thirteen of these lots were partially finished, so Meritage expects the total cost per finished lot to be approximately $155,000 per lot prior to construction. Sale date: 11/20/2013. All cash transaction. APNs: 219-38-015, 018, 027,029 thru 043, 045 thru 049. Single lot: sale date 12/6/2013, all cash. APN: 219-38-021, lot 361 bk 59 pg 23. Jeff Grobstein reported that the 13 lots would cost $300,000 for improvements. All costs totaled is $3.72 million, or $155,000 per finished lot.

Pulte Home Corporation (Justin Smith, Tucson Land Acquisition) bought approximately 35 acres for 48 paper lots at the southwest corner of Camino de Oeste and Tangerine Road in Marana for $850,000 ($18,000 per lot). The property is zoned SP and sold with a tentative plat approved for 48-SFR (65’x 130’) lots. The seller, the Kapsal Family Trust, was represented by Mike Carlier and Jim Vincent of the Carlier Company in Tucson. Sale date: 11/13/2013. All cash transaction. APN: 216-01-001E. Although property was zoned SP it had to be amended for approved tentative plat.

D.R. Horton closed on 7-SFR lots at Sahuarita Highlands in Sahuarita for $305,800 ($43,686 per finished lot) as part of a rolling option agreement. D.R. Horton is building a total of 153 homes here. The seller, Red Point Development (Daniel Leung, director) was represented by Dan Feig and Aaron Mendenhall with Chapman Lindsey of Tucson. Sale date 11/14/2013. All cash transaction. APNs: 303-54-059 thru 065.

For more information, contact Meritage Homes at (520) 225-6800. Carlier and Vincent can be reached at (520) 529-3800, and to speak to Feig and Mendenhall call (520) 747-4000. [/mepr-show]

Login for additional information.

This article has been archived, please login for access or subscribe now by going to the subscribe tab at the top of page.

CENTRAL SUBMARKET

A duplex at 393 E Delano Street in Tucson was purchase by Brian Wright of Sahuarita, AZ for [mepr-show rules=”58038″] $127,750 ($63,875 per unit). The 1,904 sq. ft. building (built 1975) on a 7,095 sq. ft. lot consists of two 3-bedroom units, each over 950 sq. ft. with private yards.  James Robertson of Realty Executives Tucson Elite represented the seller, Anna Burchard of Tucson and Steven Reiner of Keller Williams of Southern Arizona represented the buyer. [mepr-show rules=”58038″]<Sale date: 10/18/2013. Property sold with a GSI of $17,232, vacancy loss of $1,723 and total expenses of $3,922 annually. Property’s NOI was $11,587 and a 9% cap rate. Buyer paid $31,937 down and financed the balance with conventional financing. APN: 107-11-061A[/mepr-show]

A duplex at 101 E MacIver Place in Tucson was purchased by Whoever, LLC of San Diego, CA for $103,000 ($51.500 per unit) in an all-cash deal. The 996 sq. ft. building (built 1950) is on an 8,800 sq. ft. lot. The seller was Michael Nagal of Tortolina, AZ. [mepr-show rules=”58038″]<Sale date: 10/29/2013. APN: 107-14-115[/mepr-show]

The duplex at 1505-1507 N Park Ave in Tucson sold to JBR Properties, LLC or Tucson for $135,000 ($67,500 per unit). The 990 sq. ft. building (built 1938) has two 1-bedroom units and is on a 4,965 sq. ft. lot. The seller was The Mayfield Family Trust of Tucson. [mepr-show rules=”58038″]<Sale date: 10/15/2013. Buyer paid $6,750 down and financed the balance with a seller carry back.  APN: 123-15-083B[/mepr-show]

4-Units at 2110 N 1^st Avenue was purchased by ZDC Properties III, LLC of Florida for $240,550 ($60,138 per unit). The 3,490 total sq. ft. is in two buildings (built 1953) on a 26,234 sq. ft. lot. Each of the units are 1-bedroom. The seller was The Mirador Group of Tucson (Jocelyn B Stoller, managing member).

4-Units at 2326- 2336 N Richey Blvd. in Tucson sold to Keith Pieper of Maple Plain, MN for $160,000 ($40,000 per unit). The 3,078 sq. ft. in two buildings (built 1947) is on two tax codes, with 15,852 sq. ft. The seller was Donna Di Nunzio of Tucson.

A triplex at 3306 N Geronimo Avenue in Tucson sold to Steven Marquette of Exetor, RI for $110,000 ($36,666 per unit). The 1,431 sq. ft. building (built 1984) is on a 4,699 sq. ft. lot. Then unit mix consists of two studios and a 1-bedroom. Property had recently been renovated. Aaron Fisher with Tierra Antigua Realty of Tucson handled the transaction for buyer and seller, Parker Charles Investments, LLC of Tucson. [mepr-show rules=”58038″]<Sale date: 10/24/2013. Buyer paid $33,000 down and financed the balance conventionally. GSI on property was $12,600 and total expenses $1,050 for taxes. Property sold with an NOI of $11,550 and a 10.5% cap rate. APN: 106-04-198A. Market time was 4 days and escrow took 3-weeks.[/mepr-show]

Capital Ventures Group, PLLC (Traci Roberts and Angela Schmidt, members) purchased a triplex at 514-518 W Davis Street in Tucson for $33,800 ($11,266 per unit). The 2,087 sq. ft. property (built 1918) is on a 7,500 sq. ft. lot and consists of three 1-bedroom units rented at $400 per month. The buyers are licensed real estate agents. The seller was Rolf E Anderson of Tucson. [mepr-show rules=”58038″]<Sale date: 10/28/2013. The sale was in lieu of foreclosure. APN: 116-16-093.[/mepr-show]

A duplex at 905 E 7^th Street in Tucson sold to Jess and Tania Haymore of Oro Valley for $365,000. The 2,400 sq. ft. property (built 1926) is on an 8,150 sq. ft. lot. The two units consists of one 2-bedroom and one 3-bedroom units. The seller was Jarrett Reidhead of Pinnacle Realty Investors who represented himself. The buyer was represented by Jeffrey Peterson with Tucson Integrity Realty of Tucson.

[mepr-show rules=”58038″]<Sale date: 10/25/2013. The buyer paid $91,250 down and financed the balance with conventional financing. The property sold with a GSI of $42,000 and total expenses of $5,683. Property had an NOI of $36,317 and sold with a 9.95% cap rate.  Market time was 60 days and escrow time was 30 days.[/mepr-show]

The duplex at 914-916 E Helen Street in Tucson sold for $178,000 ($89,000 per unit) to Denis J Holt of New Orleans, LA. The 1,170 sq. ft. property (built 1925) is on a 4,792 sq. ft. lot with a unit mix of two 1-bedroom units. Anne Poulin with Catalina Realty represented the seller, Robert and Dan Fleury of Tucson. Renea Echeverria with Lighthouse Realty of Tucson represented the buyer. [mepr-show rules=”58038″]< Sale date: 10/25/2013. The buyer paid all-cash.  GSI was $14,400, vacancy loss was $1,200. The property sold with an NOI of $9,375 and a 5.27% cap rate.[/mepr-show]

Stephen and Andrea Burpee of Tucson bought a 2,169 sq. ft. duplex at 3647-3649 E Elida Street in Tucson for $139,900 ($69,950 per unit). The property was built in 1948 on a 9,100 sq. ft. lot.  The Federal National Mortgage Association based in Dallas, TX was selling the property as an REO. [mepr-show rules=”58038″]<sale date: 10/18/2013. Buyer paid $27,980 down with conventional financing. APN: 122-18-289.[/mepr-show]

Sugarland, LLC of Tucson bought 4-units at 1217-1223 N Dodge Blvd. in Tucson for $170,000 ($42,500 per unit). The 3,141 sq. ft. property in two duplexes (built 1974) on a 14,176 sq. ft. lot. Charles Nagy of Tucson was the seller. [mepr-show rules=”58038″]<sale date: 10/14/2013. All cash transaction.[/mepr-show]

A 9-unit apartment at 217-219 W Navajo in Tucson sold for $300,000 ($33,333 per unit) to Riverman Properties of Tucson (Gary Zimbler, member). The 6,758 sq. ft. complex consists of 9 casitas (built from 1959-1973) on a 29,750 sq. ft. lot. Pueblo Gardens, LLC (Don Allan, manager) of Tucson was the seller. [mepr-show rules=”58038″]<sale date: 10/31/2013. Buyer paid $125,000 with a seller carryback for the balance.[/mepr-show]

Benjamin James Lair purchased a 2,218 sq. ft. duplex at 3841 N Park Ave in Tucson for $190,000 ($95,000 per unit). The two buildings (built 1947 and 1953) are on a 12,324 sq. ft. lot. Justin and Andrea Hafner in Tucson. [mepr-show rules=”58038″]<sale date: 10/30/2013. Buyer paid $47,500 with conventional financing.[/mepr-show]

[/mepr-show]

This article has been archived, please login for access or subscribe now by going to the subscribe tab at the top of page.

Pima Federal Credit Union (Pima FCU) has purchased a 79,109-square-foot pad for[mepr-show rules=”58038″]$810,000 ($9.88 PSF) to construct a new branch location at Steam Pump Village in the Town of Oro Valley.

It was 1951 when Dick and Jane Evans, set out to purchase a family vehicle. While visiting a local credit union to apply for a car loan, it was suggested he start a credit union at the school he taught, Amphitheater High School. He joined a group of teachers and pooled $84 in total assets to form what is known today as Pima Federal Credit Union.

This humble beginning years ago served as the foundation on which the financial cooperative of Pima FCU was built. As founder Dick Evans expressed, “In those days (early 1950’s) millions were never talked about. We never thought about growth–we were just glad to get a new member and our only concern was to serve them.” This sentiment holds true to this day. This new location at Steam Pump Village will be their eighth location.

Steam Pump is a mixed-use project on the west side of Oracle Road, north of First Avenue, and includes Carpet One, Chili’s, BASIS School, Quik Trip, Holiday Inn Express Hotel & Suites, and a new luxury apartment complex, Encantada by HSL.

The historic preservation efforts of the Town of Oro Valley and its partner, Pima County, at the former Steam Pump Ranch site adjoin the property.

Brenna Lacey and Dave Hammack of Volk Company in Tucson represented the seller, Evergreen-Steam Pump, LLC. John Yarborough of Romano Real Estate in Tucson represented the buyer.

In other separate transactions, Rio Rico Plaza, LLC (Raymond and Michael Garrett) purchased the 37,800-square-foot shopping center at the northwest corner of Interstate 10 and Rio Rico for $2.6 million ($69 PSF). Rio Rico Land, LLC (Raymond and Michael Garrett) bought the land adjacent to the shopping center for $60,000. The combined total acreage purchased by both entities was 24.9 acres. The seller of the land and shopping center was Evergreen-Interstate 19 & Rio Rico NWC. Brenna Lacey of the Volk Company in Tucson represented the seller in both the Rio Rico transactions.

Lacey and Hammack should be reached at (520) 326-3200, while Yarborough is at (520) 577-1000, for more information.[/mepr-show]