MARANA, Ariz.  (August 20, 2025) — An automotive buyer has purchased 3951 W. Costco Drive in Marana for $1,550,000 ($220 PSF) with plans to owner-occupy the property for an automotive use. The sale closed on August 15, 2025.

The 7,033-square-foot building was initially configured into two spaces (5,200 SF and 1,803 SF), but the buyer plans to combine them. The property offers exceptional visibility with a small, free-standing monument sign directly in front of the building and signage rights on the large, multi-tenant monument sign along Thornydale Road.

Investment Highlights:

• Prime northwest Tucson location on Costco Drive, just off Interstate 10
• Surrounded by major retailers including Costco, The Home Depot, Sportsman’s Warehouse, Topgolf, and Rock Solid Climbing
• Additional nearby anchors include Target and Lowe’s
• Heavy Industrial zoning allows for nearly all retail uses
• Tremendous signage opportunities

For more information, David Carroll (520.490.3884) and John Yarborough (520.977.5646) with Paul Ash Commercial Brokerage represented the seller in the transaction. Michael Coretz (520.770.9221) with  Commercial Real Estate Group of Tucson represented the buyer.

Source: RED Comp #12051

TUCSON, Ariz. (August 19, 2025)  – The century-old Hinchcliffe Court, a rare Craftsman bungalow property in Tucson’s historic El Presidio neighborhood, has sold for $4,575,000 ($457,500 per unit).

The buyer, Red Treasure Arizona LLC, c/o Zhaoyuan Peng, a member of Phoenix, acquired the property from Hinchcliffe Shire LLC, c/o Michael Bransby, a member from Altadena, CA.

Built circa 1911 and listed on the National Register of Historic Places, Hinchcliffe Court comprises ten stand-alone cottages — eight one-bedroom units and two two-bedroom units — totaling approximately 6,779 square feet on 1.01 acres. The cottages are arranged in a distinctive horseshoe around a landscaped central garden.

The property’s per-unit pricing significantly exceeds typical Tucson multifamily sales, reflecting both its historic character and prime location within walking distance of Downtown Tucson, Fourth Avenue, and the University of Arizona.

Current marketing lists the two-bedroom, two-bath cottages of about 800 square feet at $1,795 per month, while one-bedroom, one-bath units of roughly 750 square feet have recently rented for $1,195 per month.

The property’s historic charm, central setting, and unique configuration position it well for continued long-term residential use or potential conversion to short-term rental or boutique hospitality operations.

Hinchcliffe Court last sold in February 2015 for $875,000, marking a nearly fivefold increase in value over the past decade.

Source: RED Comp #12036

Top left: Villa El Con Casitas, right: Royal El Con Apartments; bottom: Royal Palms Apartments.

TUCSON, Ariz. (August 15, 2025) – CBRE has arranged the $16 million ($54,237 per unit) sale of a three-property multifamily portfolio in Tucson totaling 295 units, along with a 2.8-acre multifamily development site. CBRE’s Jeff Casper, first vice president, represented the seller, Desert Ventures LLC. Seattle-based IPM Investments acquired the portfolio, marking its first multifamily purchase in the Tucson market.

The Desert Ventures Portfolio included:

• Royal Palms Apartments – 136 units built in two phases (1963 & 1965) on 4.13 acres with seven two-story masonry buildings. Recent upgrades include individual roof-mounted heat pumps, upgraded electrical panels, new steel entry doors with keyless entry, and pool renovations in 2017 and 2021.

• Royal El Con Apartments – 150 units built in 1966 in the Miramonte neighborhood, featuring a mix of one- and two-bedroom units across one-, two-, and four-story buildings.

• Villa El Con Casitas – 9 casita-style units.

• Development Site – 2.793 acres zoned for multifamily.

The portfolio is strategically located near the University of Arizona and Banner University Medical Center, two of Tucson’s largest employers. Amenities include two swimming pools and two self-service laundry facilities.

“The portfolio’s strategic infill location and great bones perfectly position the communities for a transformational repositioning,” said Casper.

IPM Investments specializes in identifying, acquiring, and repositioning multifamily communities in the western U.S.

“We are excited to acquire these opportunistic multifamily communities for our expanding portfolio, and we look forward to adding value to the properties for our residents and investors alike,” said IPM Investments founder Frank Hornung. “Tucson has excellent underlying multifamily fundamentals, and we are bullish on the region’s future growth.”

Source: RED Comp #12038.

Photo: Top left: Villa El Con Casitas, right: Royal El Con Apartments; bottom: Royal Palms Apartments.