TUCSON, ARIZONA (May 12, 2023) The Castro Villas apartments at 3020-3028 N Castro Avenue in Tucson sold for $1.575 million ($92,647 per unit).

The 17 units in three single-story buildings were built in 1975 sit on a 36,000-square-foot lot in the Central submarket of Tucson, northeast of Blacklidge Dr. and Castro Ave for a total of 9,788 square feet.

Community amenities include a courtyard, laundry facilities, a Bar-b-Q grill, and a picnic area.

The units are all one-bedroom / one-bath with high-speed internet access, air conditioning, ceiling fans, hardwood and tile floors, an eat-in kitchen, a family room, and individual backyards and patios.

The asset was sold on April 27, 2023, at a 4.31% cap rate.

The seller, SNJLF 2, LLC, of Chandler, Steve Levenson, manager, was represented by Joe Boyle of Joseph Bernard Investment Real Estate in Phoenix.

The buyer, a Family Trust from Chandler,  was represented by Joseph Chaplik of Joseph Bernard Investment Real Estate in Phoenix.

For more information, Chaplik and Boyle can be reached at 866.546.9390.

To learn more, see RED Comp #10645.

TUCSON, ARIZONA (May 10, 2023) — Back to the Future Cottonwood, LLC, brothers Wesley, and Carson Mehl, purchased Cottonwood Plaza recently for $11.78 million ($242 PSF) with funds from a 1031 exchange.  Cottonwood Plaza is located at 7250 – 7356 N Oracle Road in Northwest Tucson at the southwest corner of Oracle and Sahuaro Vista, just north of Ina Road, one of the busiest intersections in Northwest Tucson, strategically located between the affluent communities of the Catalina Foothills and Oro Valley.

Located in the heart of northwest Tucson, Cottonwood Plaza is a mixed-use neighborhood retail center located in Northwest Tucson, Arizona. The majority of the property was built in 1989 and consists of approximately 48,628 square feet / 46,339 rentable square feet of space situated on 3.86 acres of land. The Plaza consists of 37,502 square feet of prime ground-level retail & restaurant space as well as 8,837 square feet of Class “A” upstairs office space that features private balconies and outstanding views.

With tremendous frontage and two access points along Oracle Road, Cottonwood Plaza offers its 21 tenants high visibility and access. In addition, the property has access through the parking lot of the property to the north (occupied by the Guadalajara Original Grill restaurant), which provides access off of Sahuaro Vista. Abundant parking exists on all sides of the property, providing convenient access to all suites for tenants and their customers.

“We are excited to own it again…our dad, David, and his brother George developed the center and officed there in the 1980s, Carson Mehl told us.  “We are going to modernize and restore the building while keeping the overall character of the plaza intact.  It has a great existing tenant mix and some exciting opportunities for new tenants that we hope to introduce soon.”

The seller, Cottonwood Plaza, LLC c/o Gary Tenen, manager, was represented by John Yarborough and David Carroll of Romano Real Estate of Tucson.

The asset closed on April 20, 2023.

For additional information, Yarborough and Carroll should be reached at 520.577.1000.

To learn more, see RED Comp #10638.

MARANA, ARIZONA (May 9, 2023) – Marana Leased Housing Associates I, LLP an affiliate of Dominion Apartments, Inc. of Plymouth, MN bought 18.58 acres at 8695 – 8740 N Silverbell Road in Marana for an affordable multifamily site approved for 200 units.

The asset closed on April 18, 2023, for $3.85 million ($4.76 PSF).

The seller, COPE Properties, purchased the land in 2018 with the intent to build affordable housing and sold it with entitlements for the construction of Safford Apartments with 200 units.

The buyer, Dominium is one of the nation’s most innovative affordable housing development and management companies. Dominium is focused on real results and long-term value. The company builds and manages high-quality, affordable housing across the Untied Sattes. With 50 years in business, Dominion manages more than 38,000 apartments in more than 220 properties in 19 states, employing more than 1,200 professionals committed to helping solve the affordable housing crisis.

This will be the company’s first affordable housing project in Tucson metro area.

Pat Welchert with Alpha Commercial Real Estate and Jason Hisey with The Hisey Group, both of Tucson represented the seller.

For more information, Welchert can be reached at 520.360.9394 and Hisey is at 520.331.3533.

To learn  more, see RED Comp #10630 and #5522

PHOTO: Casa Azure in Phoenix, is a 55+ affordable housing project opening soon.