TUCSON, ARIZONA – The downtown parking lot at 79 East Alameda and 139 Scott Street in Tucson, at the southwest corner of Scott and Alameda, commanded a sale price of $3.25 million ($79 PSF) to an Austin based developer, TAZ Parking, LLC. The sale price represents the highest price per square foot for a parking lot in downtown Tucson since 2015 when 211 S Stone sold for $76 per square foot.

The Woodward Family (Leon Woodward, manager), the seller, had owned the parking lot since 2000 as an owner operator. Si Schorr, Sr. Partner at Lewis, Roca, Rothgerger, Christie, LLP represented the seller in the transaction.

Ben Riehle, who worked as a parking lot attendant there while attending the University of Arizona, and Jake Arnold of the APEX Team at Keller Williams of Southern Arizona represented the buyer in the transaction.

The investor plans to continue use of the OCR-3 zoned, 41,284-square-foot lot with 133-parking spaces for parking while holding for development. “With all the new development taking place downtown, a revenue producing open lot in the center of activity seemed a great investment opportunity for the buyer,” Arnold stated. “We have it back on the market already at $3.8 million, the appraised value.”

The buyer has up until now been investing in multi- and single-family investments in the Tucson area with Arnold and Riehle, and is also considering the property for redevelopment as condos and / or retail use.

For more information, Arnold can be reached at 520.505.1015.

TUCSON, Arizona – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Santuario, a 70-unit apartment property located in Tucson, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix and Tucson offices. The asset sold for $3.485 million ($49,786 per unit).

“Tucson’s strong economic fundamentals are creating operational momentum for multifamily assets,” says Hamid Panahi. “Santuario’s new owners are in an excellent position to increase revenue by implementing an interior upgrade program.

Panahi and James K. Crawley, investment specialists in Marcus & Millichap’s Phoenix and Tucson offices, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, an individual/personal trust, was secured and represented by Sevak Keshishian and Shara Parseghian , investment specialists in Marcus & Millichap’s Encino office.

“Investors continue to be attracted to the Tucson market as they are able to achieve higher yields combined with a lower per unit basis on the acquisition,” says James Crawley.

Santuario is located at 1201 N Alvernon Way in Tucson, AZ.

For additional information, Panahi should be reached at 520.719.6511.

To learn more, see RED Comp #5696.

TUCSON, ARIZONA — ABI Multifamily is pleased to announce the $2.6 million / $43,333 per unit sale of the Skyline Park Apartments located in Tucson, Arizona.  Completed in 1985, Skyline Park is a two story, garden-style apartment community that features 60 total units in 3 rental buildings, constructed of block and wood frame/stucco.  The property has flat roofs and rests on approximately 1.84-acres.  The unit mix consists of 36 one-bedroom / one-bathroom units, and 24 two-bedroom / one-bathroom units, with a weighted average size of 560-square-feet.  Skyline is individually metered for electricity with individual HVAC units throughout the entire property.  Outside storage, semi-private entry and private balcony/patio areas are available, with high ceilings in select units. This community also provides its residents with an overhauled swimming pool, newly installed children’s play area with a shade structure, dedicated leasing office, laundry facilities, and ample parking.  In addition to the many common area and exterior capital improvements throughout the property, nearly 90-percent of the property’s interiors also received enhancements.

“We’re always excited to help facilitate lasting and fruitful relationships between our clients,” states Alon Shnitzer, Senior Managing Partner at ABI, lead broker involved with both the Seller and Buyer.  “Alpha Wave Investors has become one of the top value-add players in the Tucson market for implementing effective repositioning and renovation campaigns that usually lead to increased property values, while simultaneously providing more turn-key investment opportunities to the new owner.  The repeat buyer will have an opportunity to experience the benefits of most of the heavy lifting on the renovation side being complete. The Tucson MSA is experiencing a surge in value-add investments because of limited new supply and continued population and jobs growth.”

The Buyer, and entity form through Ennabe Properties, Inc., is a private investment company based out of Los Angeles, CA.

The Seller, and entity formed through Alpha Wave Investors, is a private investment company based in Laguna Hills, CA.

The multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang identified the Buyer and facilitated the introduction between both Seller and Buyer in this transaction.

To learn more, see RED Comp #5697.