TUCSON, Arizona — Affiliates of AFK Real Estate Investments, LLC of Scottsdale (Angus Keith, manager) sold the Terra Vista Estates mobile home park in Tucson, AZ for $7.45 million ($58,200 per unit) to a Washington state investor, Terra Vista MHP, LLC, of Seattle, WA (Kazuo and Carol Yamada, members).

Tucson has a strong established manufactured housing community, dominated by the 55+ sector, with snowbirds attracted to Arizona’s favorable winter climate and Tucson’s easy living style. This is a first investment in Arizona for the Seattle buyer.

Located at 3833 North Fairview Avenue, Terra Vista Manufactured Housing Community is an age restricted (55+) community on 14.5 acres in the Central submarket of Tucson, with 128 manufactured home sites and no permanent structures. A small building serves as the property’s leasing office and is adjacent to outdoor recreational activities.

The property was developed in 1970 and 90% of the units are owner occupied, except for the leasing office, manager’s home and another dozen units which are owned by the property.

In 2015, the seller refinanced Terra Vista with Hunt Mortgage Group for a $4.5 million Fannie Mae loan and the buyer was able to assume that existing loan in this transaction.

The original loan was a 10-year term with 5-years interest only, amortized over a 30-year period with a 9.5 year yield maintenance period. The borrower, AFK Real Estate Investments, LLC, is a Delaware limited liability company backed by Angus Keith.

The seller had purchased Terra Vista in 2005, and owns another four manufactured housing communities with a total of 670 sites.

Douglas Danny, senior vice president, and associate, Braeden Jehle, both manufactured housing experts with Marcus & Millichap in San Diego, brokered the deal for the seller and were integral in the negotiations.

Jonathan Bench, senior associate with Marcus & Millichap of Seattle, represented the investor.

For additional information, Danny can be reached at 858.373.3222, Jehle should be contacted at 858.373.3152, and Bench is at 206.826.5755.

To learn more, see RED Comp #4829.

TUCSON, Arizona — O.T. Builders, LLC and Mesquite Homes (Jim Campbell, CEO) of Tucson closed on the first of 29 finished lots of a new rolling option at Vail Vista Estates in the southeast submarket for $36,000. Price is a base price plus back end participation in home sales. Lot sizes are a minimum of 36,000-square-feet in Vail Vista Estates.

Thrac Paulette of Cantera Real Estate in Tucson represented the seller, Elite Performance, LLC of Tucson.

For more information, Paulette should be reached at 520.904.5055.

To learn more, see RED Comp #4849.

D.R. Horton paid $200,000 ($50,000 per lot) for four finished lots in Tierra Linda Nueva in the northwest submarket, southwest of Emigh Road and Sanders Road in Marana. This is an option takedown for 48-lots from Tierra Linda Nueva, an affiliate of Estes Land and Development of Tucson (Kip Volpe, President) in a 190 SFR lot subdivision of 36,000-square-foot minimum lot size.  This transaction represents 16 lots taken down of the 48- lot option.

Dan Feig and Aaron Mendenhall of Chapman Lindsey Commercial Real Estate Services in Tucson represented D.R. Horton in the transaction and can be contacted for more information at 520.747.4000.

To learn more, see RED Comp #4841.

D.R. Horton bought 6 more finished lots for $229,500 ($38,250 per lot) with options at Fianchetto Farms in northern Marana near Gladden Farms’ Community, D.R. Horton from Fianchetto Farms, LLC. This was the fifth takedown or 37-lots of a 49-lot option within this 114-SFR lot subdivision and the third takedown this year. Lots are mostly 55′ x 110′.

D.R. Horton began construction at Fianchetto Farms in August 2016.

Dan Feig and Aaron Mendenhall with Chapman Lindsey Commercial Real Estate Services in Tucson represented D.R. Horton and the seller in this transaction.

Feig and Mendenhall can be reached at 520.747.4000 for more information.

To learn more, see RED Comp #4842.

ACM Ventures, LLC of Tucson (Alan Murdock, manager) paid $435,000 ($.35 PSF) for 28.72 acres of raw land in the eastern submarket, at Tanque Verde Loop and Broadway Blvd in Tucson.  The SR zoned acreage was purchased to hold for development.

Murdock, an associate broker at Realty Executives Tucson Elite, was self-represented in the transaction. The sellers, Christine Glass and William Frick of Chandler, were represented by Ric Sack of Long Realty.

For additional information, Murdock can be called at 520.906.9202 and Sack is at 520.918.5477.

To learn more, see RED Comp #4807.

TUCSON, Arizona – Capistrano Apartments at 2929 E 6^th Street in Tucson sold for $8.6 million ($76,786 per unit) to Daybreak 112 Partners, LLC and CAP 112 Partners, LLC c/o Scotia Group Management of Tucson (Rob Aronoff, CEO) that will handle the management of property.

The 112-units are mostly studios and 1-bedrooms with an average unit size of 561-square-feet. Built in 1974, the property sits on 3.26 acres at 6^th Street and Country Club Road, about one mile from the University of Arizona. The property was 96% occupied when it sold.

Apartment features include air conditioning, paid utilities, balcony on 2nd floor, breakfast bar, cable ready, ceiling fan, dishwasher, gas stove, hardwood floors, pantry, refrigerator and views.

Community amenities include access to public transportation, beautiful landscaping, copy & fax services, disability access, easy access to freeways, easy access to shopping, free pet treats, guest parking, laundry facility, on-call maintenance, pet waste stations, picnic area with barbecues, and swimming pool.

The seller Pimatuc Realty Associates, LP of Phoenix was represented by the Tyler Anderson and Sean Cunningham team of CBRE Multifamily Institutional Properties in Phoenix and Senior Vice President, Michael Sandahl and Martin Encinas with CBRE in Tucson.

For more information, Encinas can be called at 520.323.5173 and Sandahl should be reached at 520.323.5115.

To learn more, see RED Comp #4828.

College Town Student Housing at 2040 North First Avenue in Tucson sold to Phoenix investment group, Taylor Fitzpatrick Capital (Ted Taylor, member) for $8.32 million ($94,545 per unit). The investor’s plan for the 88-units, value-add property in four buildings, is to completely renovate both interior and exterior.

The property, built in 1972, is ready for updating. Amenities include furnished apartments, electricity, parking, wireless internet, water, and Direct TV, 2 pools, laundry facilities in each building, two study rooms, a fitness center, spa and game room.

Unit mix consists of 2-, 3- and 4-bedrooms. Property was 80% occupied at time of sale.

The seller was MCS711 Arizona Commons, LLC an affiliate of Mica Creek Sagamore Partners of Denver, CO.

The buyer is an experienced student housing investor having built new and remodeled projects at ASU in Phoenix and CSU in Fort Collins, CO. This is the buyer’s first project in Tucson and says they like Tucson and are looking for more opportunities such as this.

There were no brokers involved in the sale. To learn more, see RED Comp #4833.