TUCSON, Arizona — Delectables Restaurant & Catering (Donna DiFiore, owner) sold 533 N. Fourth Ave. in downtown Tucson recently for $1.48 million ($310 PSF) ending a 44-year run downtown.

Difiore is transitioning the business into a catering-only business and paid $342,000 ($127 PSF) for the building at 427 E Limberlost Dr. for this purpose.

The Delectable business was bought by Difiore in 1982, and the building on 4^th Ave in 1988.

The buyer is an investor from Scottsdale (Barrett Silver) who first approached Difiore in April with a tenant in tow, Bocos Tacos y Tequila that opened in the 4^th Ave space this week, within about two weeks for remodeling, obtaining liquor license and COO.

John Ash with CBRE Tucson represented the investor in the transaction.

Carl Mickler and Colette Barajas of Centra Realty in Tucson represented Difiore in the sale and the purchase of the new building on Limberlost.

Mickler told us, Delectables occupied approximately 75% of the 4,778-square-foot building and leased space to four other tenants including Metropolis The Salon, Bare Wax & Massage Studio and the Flower Shoppe on 4th Avenue.

The Limberlost property was a former bistro and a wedding event venue complete with a commercial kitchen perfect for a catering business such as Delectables. The sellers were Vilasini and Anjali Suniti Bal who were self-represented in the transaction.

For more information, Mickler should be reached at 520.850.6345 or Barajas at 520.882.0767. Ash can be contacted at 520.323.5177.

To learn more, login and see RED Comps #5022 and #5032. To see more properties like these available, go to RED Listing Registry.

[mepr-show rules=”58038″]Sale date for both properties was 7/19/2017. Documents #2017-2000504 and #2017-2000569. Both were 1031 exchanges.[/mepr-show]

TUCSON, Arizona – Westwood Apartments at 714 East 10^th Street in Tucson sold for $1.32 million ($69,474 per unit) in a value-add transaction.

The 19-units in 15,668-square-feet on .42 acres were built in 1969 with a unit mix of two 1-bedroom, (16) 2-bedroom and (1) 3-bedroom units.

The buyer, Vishal Patel of Tucson, bought the property to renovate. The seller, James Hostetler, is also of Tucson. Hamid Panahi and James Crawley with Marcus & Millichap Real Estate Investment Services represented both buyer and seller in the transaction.

Crawley observed, “Westwood presents a tremendous opportunity with immediate value-add potential in a prime Downtown location that seldom sees multifamily communities come available.”

For more information, Panahi can be reached at 602.687.6649 and Crawly should be contacted at 602.687.6700.

To learn more, login and see RED Comp #5024. For similar properties such as this one go to RED Listing Registry.

[mepr-show rules=”58038″]Sale date: 7/17/2017. Doc # 2017-1980515. Property sold at a 6.46% cap rate.[/mepr-show]

TUCSON, Arizona — Las Villas De Kino Apartments I & II, a 348-unit apartment community at 5515 S Forgeus Avenue in Tucson, AZ. The property is conveniently located close to I-10 and I-19, local schools, attractions, and entertainment and sold recently for $21 million ($60,345 per unit).

The buyer is a Chicago investor, LCA LVDK, LP, and the seller, Las Villas de Kino, LP of Tucson.

Las Villas De Kino was built and placed into service in 1998 & 1999, with 29 buildings totaling 267,375-square-feet on 17.95-acres, under the Section 42 Low-Income Housing Tax Credit (LIHTC) program and sold with an existing regulatory agreement in place which requires 322 units to be rented to income qualifying residents. The remaining units are to be rented at market rate. It was fully occupied when it sold.

The property offers one-, two-, and three-bedroom apartment homes featuring open floor plans with a full appliance package and private patio/balcony. The community amenities include a clubhouse, on-site laundry facilities, basketball court, picnic area with BBQ, swimming pool, fitness center, playground, business center, and courtesy patrol.

The Tucson region slated to lose 220 affordable housing units by 2018 and an additional 204 units by 2020 made the property even more appealing to the buyer.

The Low-Income Housing Tax Credit (LIHTC) program is currently the country’s most extensive affordable housing program. The program was added to Section 42 of the Internal Revenue Code in 1986 in order to provide private owners with an incentive to create and maintain affordable housing.

Investors buy income tax credits in qualified properties that have received state allocation, creating cash equity for owners that reduces project development debt burden. In exchange, the owner agrees to rent a specific number of units to qualified tenants at specified rents, usually below-market.

Jeff Irish with LIHTC Advisors of Boise, ID which specializes in Low-Income Housing Tax Credit investments represented the seller in cooperation with Hamid Panahi, Cliff David and Steve Gebing with Marcus & Millichap in Phoenix

For more information, Panahi, David and Gebing should be reached at 602.687.6700 and Irish can be contacted at 800.840.3021 ext. 2.

To learn more see RED Comp #5019 and check RED Listing Registry often for similar properties available.