Petrus Partners, Ltd., operating in Tucson under the name of Crown West Land Group, (Dean Wingert, Vice-President) purchased 586 acres of the Pomegranate Farms Master Plan for $4.2 million ($7,167 per acre). The specific plan is approved by the county for residential and commercial space. Residential entitlement is for 3,100 to 4,500 SFR lots with a target of 3,463 lots.

“The 586-acres represents the majority of the Master Plan Community located southwest of Ajo and Valencia,” Dean Wingert with Petrus-Crown West told us. The seller was IMH, a lender in Scottsdale, AZ. An additional 60-acres still lender-owned, is also in the sights of Petrus-Crown West Group. Both properties fell into foreclosure about 3-years ago.

Wingert said, “The Master Plan was put in place around 2005-2007 and we aren’t rushing to move dirt. We’ll be rethinking the plan in entirety, with floodplain issues to consider and have no timeframe for development.”

The property is adjacent to Sendero Pass, a community purchased by Phoenix-based Sunbelt Holdings about 2-years ago; Sunbelt also has no need to rush for development.

According to Wingert, “The state has plans to widen approximately 6 miles of Ajo Hwy from two to four lanes soon, that with the property located just west of Casino de Sol helped in our decision-making.” Pomegranate Farms is in a portion of Pima County that has been designated and is expected to experience a significant expansion in regional population. The Master Plan Specific Plan has been designated to help fill the need within Tucson’s Southwest submarket.

Pima County Department of Transportations in conjunction with the Regional Transportation Authority’s Roadway Improvement Plan is planning improvements to the Valencia Road Corridor, including northern project frontage between now and 2016.

The property also has several offsite panoramic vistas including the Tucson Mountains to the northeast and the Sierrita Mountains to the southwest.

The Real Estate Daily News reported last April that Petrus was interested in acquiring additional investment opportunities in residential lots and entitled and un-entitled land. See https://realestatedaily-news.com/?p=171

Petrus – Crown West Group continues work in Gladden Farms and is developing 340-lots at Santa Rita Ranch III in Corona de Tucson. Wingert told us to expect these new lots to be ready later this year.

Will White of Land Advisors Organization in Tucson negotiated the transaction of Pomegranate Farms that was in escrow for about 6-months.

White can be reached at (520) 514-7454. Contact Wingert at (520) 888-3962.

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[mepr-show rules=”58038″]Sale date: 3/19/2014. Down Payment: $3 million. APNs: 210-40-022A & 023E. Zoning: Pomegranate Farms Specific Plan; plan put in 2005. [/mepr-show]

February Tucson multifamily sales broken out by submarkets show an aggregate price of $2.5 million.

NORTHEAST SUBMARKET
Family Lease, LLC of Tucson purchased a fourplex at 4051-4057 E Bellevue Street in Tucson for $235,000 ($58,750 per unit). The property was constructed in 1945 on a .16 acre lot. The seller was Oakridge Investments of Tucson.

A triplex at 5657 E Pima Street in Tucson sold to Diane Ong of Tucson for $158,000 ($52,666 per unit). The property consists of one 3 bedroom / 3 bath and two 1 bedroom units, built in 1951, on a .22 acre lot. Kathleen Anderson of Russ Lyon Sotheby’s International Realty represented the investor and Michael Bishop and Gus Maughan of Cardinal Real Properties represented Posco PSP, LLC of Tucson, the seller. [mepr-show rules=”58038″]All electric, no gas on property, owner pays water/trash. GSI was $24,756. Cap rate was reported to be about 14%[/mepr-show]

SOUTH SUBMARKET
Four duplexes, or 8-units at 2410-2528 E Cameron Vista in Tucson sold for $291,060 ($36,383 per unit).  Each duplex was 1,485-square-feet, built in 1952. Dynamic Growth Properties of Gilbert, AZ was the seller and Sanjay and Sonia Suri and Javier and Juana Galindo the buyers.

2550 Parkside, LLC of Tucson purchased a triplex at 2126 S 8^th Avenue in Tucson for $90,000 ($30,000 per unit). The property consists of a main house with 3 bedrooms with a duplex in back. Brian D Wick of Keller Williams represented the seller, AZ Square #3 and Paul McComb of Paul McComb Realty represented the investor. [mepr-show rules=”58038″]All units are individually metered. GSI was $19,020 and cap rate was reported to be 20% [/mepr-show]

CENTRAL SUBMARKET
A triplex at 2446 E 2^nd Street in Tucson sold for $400,000 ($133,333 per unit). The 3,291-square-foot building was built in 1975. The buyer was David and Katherine Hiller of Tucson and the seller, John and Kelly Abbott also of Tucson.

12-Units at 1548 E Hedrick Drive sold for $300,000 ($25,000 per unit).Blue Jay Real Estate of Tucson purchased the 6,559- square-foot complex in six buildings built from 1929 -1941 on .85 acres. The seller was William Gewirtz Trust of Tucson.

A triplex at 3101 N Palo Verde Avenue in Tucson sold for $175,000 ($58,333 per unit). The property was well maintained with three 2 bedroom / 1 bath units, built in 1970 on a .21 acre lot. The investor, The Theodore T Sackett Trust of San Miguel, CA was represented by Matthew Bollinger of Long Realty and the seller, The Carabetta Revocable Living Trust of Tucson was represented by David Walsh of Realty Executives Tucson Elite.

Peter and Kristi Coy purchased a fourplex at 329-335 East Alturas Street in Tucson for $172,000 ($43,000 per unit).  The 2,774-square-foot building was built in 1987 on a .33 acre lot. Paul Shellenbarger of La Quinta, CA was the seller.

A duplex at 3125 N Cherry Avenue in Tucson sold for $140,000 ($70,000 per unit). The main house was built in 1948 originally as an SFR. It was converted to a 2 bedroom house with a 1 bedroom guest house. Alex Mastrangelo of Habitation Realty represented the seller, The Bachman / Peeters Trust of Tucson.  Cindi Kaliszewski of Realpros represented the investor.

Loren Markley was the seller of the property at 809 E Adams in Tucson, a triplex, for $108,557 ($36,186 per unit).  The three buildings were build circa 1920 on a .17 acre lot.  42^nd Street Enterprises of Tucson was the buyer.

A fourplex at 3463-3469 E Pima in Tucson sold for $297,750 ($74,438 per unit). The 4,025-square-foot building was built in 1980 on a .28 acre lot. The buyer was William Clark of Vail, AZ and the seller Mark Johnson Properties of Tucson.

KB Homes was down to one active subdivision, Sycamore Vista, before opening Cantabria at Rancho Valencia (located near Swan and Valencia Roads) in January of 2014 and appears to be starting to rev up in Tucson.

According to KB’s website, 5 more subdivisions are set to open this year. Two of these subdivisions, Gladden Farms (located west of I-10 in Marana) as well as Rancho Sahuarita (located east of I-19 in Sahuarita) are building model homes.

KB Homes also purchased recently La Cima Esplendora, located on the Southwest corner of Houghton and Escalante Roads.

The Real Estate Daily News reported this latest subdivision on March 4^th after KB Home Tucson purchased 57 P&E lots at the new La Cima Esplendora subdivision, 23.51 acres located on the southwest corner of Houghton Road and Escalante, for $1.6 million ($27,500 per lot). The new residential cluster project has southeast Tucson high elevation lots that provide views of Tucson from this elevation and Rincon Mountains views to the east, and $400,000 homes sold just east of this across the road from this subdivision.

Lots have engineered plans approved needing utilities to start build.

Will White with Arizona Land Advisors in Tucson represented Landmark Title Trust #18,174-T, a group of individual sellers, and the builder in this transaction.  White can be reached at (520) 514-7454.