TUCSON, ARIZONA — American Village Apartments sold an apartment complex and bought out partner in Assisted Living facility recently.

American Village Apartments, LLC (Steve Nason, manager) sold the 56-unit apartment community at 1241 West Roger Road in Tucson for $2.7 million ($48,214 per unit) to a Portland, Oregon investor, American Village Tucson, LLC (Kenneth Scully, manager).

Built in 1964, the property was well-maintained and had over $100,000 spent in capital improvements in the last year. Large units had a unit mix of 43% one-, 43% two- and 14% three-bedroom units with many long-term tenants and a high portion of senior population.

Community amenities include wi-fi available, self-service laundry, on-site property manager, social events, pet park, library, courtyard, BBQ grill, picnic area and swimming pool.

Tony Reed with Long Realty Company in Tucson represented the seller and Michael Sandahl with CBRE in Tucson represented the investor.

Then in an internal transaction, American Village Apartments (Steve Nason) bought Fairmount Assisted Living at 6161 E Fairmount Street in Tucson for $2.533 million ($105,542 per bed). The 24-bed assisted living and memory care facility was constructed in 2003.

Fairmount Assisted Living And Memory Care offers several senior care options, including assisted living, nursing home care, and Alzheimer’s care. Staff is on service 24 hours a day with activities appropriate for seniors with Alzheimer’s disease and dementia that help keep residents active and engaged.  Fairmount Assisted Living also also pet friendly.

Located in the Harlan Heights district, the community provides senior living in a comforting setting for seniors. The area around the community has a dense population, with roughly 32,666 people in the surrounding zip code. It is a mostly lower income area, with a median family income of $34,312. The residence is located near numerous local amenities, such as shopping, healthcare services, and churches. They are just 0.2 miles from El Dorado Hospital. There are 70 churches within 4 miles, including Church of Jesus Christ of Lds, Grace Chapel Foursquare Church, St Cyril’s Church, and Congregation Chaverim. There are also 52 drugstores within 1 mile of the community.

Nason was a partner in the selling entity, 6161 E Fairmount LLC, and was purchased from partner, Jeff Utsch, in this transaction.

Utsch is also a real estate broker with Realty Executives Tucson Elite and can be reached at 520.877.4940.  Reed should be contacted at 520.577.7400, and Sandahl can be called at 520.323.5100.

To learn more, see RED Comp #4264 and 4271.

TUCSON, ARIZONA — A Canadian investor, Tangerine Storage, LP of Calgary, Alberta (Will Matthews, manager) purchased the 453-space Park ‘n Shade RV and Boat Storage facility at 7935 West Tangerine Road in Marana for $4.575 million ($11,000 per space). The property was nearly 100% occupied at time of sale.

The seller was Park ‘n Shade RV Storage of Marana (Russ Pearson and Rick Bailey, members).

The investor owns other self-storage facilities and has rebranded this facility PremieRVehicle. The venue is near I-10 in Marana, AZ, making it easily accessible and convenient for residents of Marana, Oro Valley, and Tucson. Located near Breakers Water Park and down the road from Trico Electric Cooperative, provides secure, quality parking option for boats and vehicles.

Believed to be the largest RV storage facility in the area, the facility was built for this purpose in 2004 on 9-acres, with each parking space option covered to give extra protection from the heat of the sun. The buyer plans to expand the facility by an additional 25 spaces in order to make room for 478 parking spaces.

Additionally, the five options of spaces are all built large enough to avoid accidents while parking, the aisles are 40 feet wide, to make pulling into and out of parking spots easy. The facility is also gated with a resident manager living on the property, to assure the safety of vehicles.

Cox Armored Mini Storage Management Company of Phoenix has assumed management of the facility and retained the prior resident manager who worked for seller.

Jeff Gorden, CCIM, of Eagle Commercial Realty Services, AMO® in Phoenix, an Argus Self Storage Sales Network Affiliate, specializes in self-storage and RV storage properties and net lease investment sales. Gorden represented the buyer in this transaction and the seller was self-represented.

For more information, Gorden should be reached at 602.952.1282.

To learn more, see RED Comp #4273.

Seventh Avenue Commons next workforce housing project planned for Tucson Streetcar Line

TUCSON, AZ — Gardner Capital Development in Arizona purchased approximately 52,100-square-feet of land along with improvements at 58 E. 5^th Street and 546 N. Stone Avenue from 5^th-7^th Center, LLC (Ann Moushey and Carol Plagman, managers). The purchase price was $1.7 million ($32.63 PSF).

The buyer has been awarded a reservation of Low Income Housing Tax Credits from the Arizona Department of Housing (ADH) competitive application process to develop 7th Avenue Commons, a $14 million workforce housing project consisting of 50 one- two- and three-bedroom apartments for families, located at 529 North 7th Avenue, adjacent to the West University Historic District.

Construction of the units will begin in the first quarter of 2017, with completion expected in the first quarter of 2018. Reid Butler will serve as project advisor for Gardner Development. Neighborhood Housing Solutions, a nonprofit organization, as the co-developer. When completed. The Arizona Department of Housing will serve as project manager. Over 10 years, Gardner will receive $11,498,920 in Low Income Housing Tax Credits from ADH.

“Our mission is to catalyze community revitalization and economic opportunity through the creation of high-quality housing for many income levels,” said Scott Puffer, senior vice president of development for Gardner Development, Midwest Region. “Seventh Avenue Commons will combine new construction and adaptive reuse to create workforce housing near transit, jobs and community amenities. We are thrilled to be part of this effort in Tucson.”

When completed, 7th Avenue Commons will consist of 50 one- two- and three-bedroom units, 27 of which will be developed within the existing warehouse/office buildings. The remaining 23 units will be located in a newly constructed three-level building that will also include a screened parking level on the first floor. An outdoor multi-purpose court and play area for the residents and their families will also be included in the community. Landscaping and public art will adorn the completed property. All 50 units can be leased to residents earning at or below 60 percent of area median income. Once completed, NHS will be using the on-site clubhouse and community center to provide supportive services to the residents.

Randy Emerson of GRE Partners, LLC in Tucson represented the developer through the 18 months for ADH project approval to close.

“The workforce housing funding is a very competitive process,” Emerson said. “Proximity to the streetcar line resulted in scoring the project successfully to be awarded this tax credit.”

Kitchell Construction of Phoenix will be General Contractor and Biltform Architects of Phoenix, the Architects on the project.

For additional information, Emerson should be contacted at 520.777.4949.