Watermark Hacienda Sisters Investments, LLC, bought 10.15 acres of land from The Sisters of the Immaculate Heart of Mary for $3.75 million ($8.48 PSF). The property was a portion of St. Anne’s Convent and sold for construction of the Hacienda Sisters Retirement Community Phase I. The property is located on Sabino Canyon Road, north of Cloud, at the southeast corner of Flaming Sky Dr and Sabino Canyon.

The project will entail several “communities within a community.” For example, one community will be comprised of residents of the casita homes, targeted to younger retirees (65+).  Casita residents will have access to all common areas of the community, including the dining venues in the independent living common and the wellness center and its dining venue, and other common areas. It is likely these residents will utilize the programs and spaces in the wellness center more often than the residents of the independent living apartments or assisted living.

The Independent Living accommodations will be configured for 150 residents in three-story buildings radiating from a common area building. The residences will include one- and two-bedroom apartments ranging in size from approximately 800-square-feet to over 1,300-square-feet and are designed to attract the “typical” resident of continuing care retirement communities (“CCRC”).

Assisted Living neighborhood will provide 64 studio and one-bedroom accommodations for residents requiring assistance with daily activities such as bathing, medication administration, dressing, etc.  The assisted living component will include a dining room, activity rooms, library, crafts room, and a small home theater.

One large home, designed to accommodate approximately 36 residents, will house the program for residents suffering from dementia. The staff in each Villa is cross-trained in all aspects of caring for the residents.  The caregivers, called Niyas, cook, clean, provide activities and all of the care for the residents of the Villas.  This program, based loosely on the Greenhouse Concept, has proven to be a very effective care delivery model.  The home-like setting allows residents afflicted with Alzheimer’s Disease to adapt and flourish more easily.

The Watermark team is proud to have selected one of the nation’s most innovative and prestigious design firms to head up the architectural design and planning for the community. Allen + Philp, based in Scottsdale, Arizona will be the lead architect.  Allen + Philps has, for more than four decades, upheld a clear mission that matches perfectly with the vision for this community: To provide great design that improves the human condition. In addition to Allen + Philp’s direct experience in designing world class continuing care retirement communities, it also has extensive experience in designing hotels and resorts around the world.  This experience is perhaps more important than their senior housing experience in that Watermark wants to create an experience for the community’s residents. It is Allen + Philp’s creative ideas and enthusiasm for the project that convinced Watermark that they were the best choice for this community.

Groundbreaking for the project is scheduled for May 2016 and opening about 16 months thereafter, in Fall 2017. Leasing  will begin at groundbreaking. Watermark recently acquired Fountains at La Cholla in a $640 Million in a 15 property portfolio sale in 11 states. See full story here  https://realestatedaily-news.com/fountains-la-cholla-sells-69-9m-640m-portfolio/

For additional information see RED Comp #2949.

Two new prestigious communities in northwest Tucson add an additional 133-P& E lots to the pipeline in June. Home sales are strong as well. According to Tucson Association of Realtors (TAR), Tucson market homes sales were up 20.92% year-over-year in May. See REDaily News June 10, 2015.

Realtor.com is predicting the housing market midyear is on track for best year since 2006. See REDaily News June 12, 2015.

NORTHWEST SUBMARKET

Cottonwood Properties, through affiliate DM Phase IV Investments (Carson Mehl, vice-president), recently sold two parcels along the common boundary between Canyon Pass at Dove Mountain and Saguaro Ranch for $3 million. The sale was to the new owners of Saguaro Ranch, Connecticut-based Northlight Capital Partners, and the combined area of the two parcels is approximately 57 acres.  As shown on the aerial, the parcels are on the other side of the ridge that runs along the east side of Canyon Pass Phase 4 (along New Horizon Ridge Drive).  The parcels that were sold are not visible from existing lots in Canyon Pass and are in the valley where other Saguaro Ranch development is planned. Future residents within the sold parcels will take access only from Saguaro Ranch and not be part of Canyon Pass. This boundary change will reduce the overall number of lots taking access from the Canyon Pass Phase 4 area by about 35 lots. Saguaro Ranch is a quality community and we believe this modification will be very compatible with our overall plan for Canyon Pass.

There were no brokers involved in the transaction. See RED Comp #3036 for additional information.

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Lennar Arizona bought 75 lots for Eagles Rest, a new subdivision in Rancho Vistoso MPC, at Moore Road west of Rancho Vistoso Blvd in Oro Valley for $2.94 million ($39,200 per lot). The gross area of the project site is 39.02 acres and net area is 26.57 acres. In addition to the sale price, the developer paid to plat and engineer the 75-lots while in escrow. All are 70’ by 125’lots.

The seller was The Kenneth W Olsen Family Trust of Cortaro and was represented in the sale by Ben Becker and Adam Becker of CBRE in Tucson. The developer / builder was self-represented. See RED Comp #3077 for additional information.

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DR Horton bought 58 platted and engineered lots at Sterling Meadows, a new subdivision in Marana, for $1.86 million ($32,000 per lot). Located southwest of Hartman and Overton Roads in Marana the gross area of the subdivision is 58.8 acres. All are 70’ by 125’lots.

Dan Feig and Aaron Mendenhall with Chapman Lindsey Commercial Real Estate Services in Tucson represented the seller, Pacific International Properties, LP (Daniel Leung, manager). See RED Comp #2976 for additional information.

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WESTERN SUBMARKET

DR Horton purchased 9 finished SFR lots at Mission Antigua in the western submarket of Tucson. This purchase was the 4th takedown for 8 finished lots of a 38-lot rolling option for $265,917 ($29,546 per lot). The lots are mostly 45’ by 110’.

Dan Feig and Aaron Mendenhall with Chapman Lindsey Commercial Real Estate Services in Tucson represented the seller, Antiqua Associates, LLC, an affiliate of Red Point Development (Daniel Leung, manager). The gross area of the subdivision is 58.8 acres. See RED Comp #3044 for additional information.

Houghton Town Center’s first store, a 99,000-square-foot Walmart,  opened in 2013 and the center hasn’t stopped growing since with a mix of convenient services and popular restaurants that cater to the residents of Rita Ranch, Vail and Corona de Tucson as well as the +/- 6,500 professionals working at the nearby UA Tech Park.

Hughes Federal Credit Union recently purchased a 44,339-square-foot pad at Houghton Town Center for $1 million ($22.55 PSF) from Houghton Developers, LLC, the developer, an affiliate of Diamond Ventures of Tucson.

Hughes will be joining the 60+ acre Walmart Supercenter anchored community shopping center located in southeast Tucson at the intersection of Houghton and Old Vail Roads. Construction is not expected before next year for the new credit union branch

Other pads open for business include Panda Express, Discount Tire, and Dunkin Donuts with McDonalds and BrakeMAX coming soon. The first shops are also open and fully leased to such tenants as Dental Village, Champion Pool and Spa Supply, Nationwide Vision and SuperCuts. A second 9,200-square-feet of shop space will soon break ground to the west of the existing shops’ pad, with more pads in negotiation.

The 11,500-square-foot Northwest Emergency Center is currently under construction and on schedule to open by year end. Click here for full story

Shannon Murphy with DVI Realty of Tucson and Ben Craney with NAI Horizon of Tucson represents the seller / developer, Diamond Venture. Brian Harpel with The Harpel Company of Tucson represented Hughes Federal in the transaction.

To learn more Murphy can be reached at 520.577.0200 and Craney is at 520.326.2200. Harpel can be contacted at 520.721.7999.

For additional information see RED Comp #3061.