TUCSON, AZ (August 29, 2024) — The Cushman & Wakefield | PICOR Multifamily Team, Allan Mendelsberg and Joey Martinez, recently handled the sale of a 23-unit portfolio from Wesley James Krajicek Family Revocable Trust of Tucson, the seller to Plowden/Martin Properties, LLC of San Diego, for $2,150,000 ($93,478 per unit).

Both assets closed on August 9, 2024.

This portfolio is comprised of two multifamily properties in Central Tucson:

• Pima Apartments (4238-4246 E. Pima St.)
• Built: 1940 (with numerous renovations)
• Units: 11 (10 1BD/1BA and 1 2BD/1BA)
• Features: Air-conditioning & backyards with attached storage units

• Lee Apartments (4223-4245 E. Lee St.)
• Built: 1969 (renovated in 1971)
• Units: 12 (4 1BD/1BA and 8 2BD/1BA)
• Features: Tile flooring, air conditioning & private backyards

These properties are strategically located in Central Tucson, providing residents with convenient access to popular grocery stores such as Trader Joe’s, Sprouts, and Fry’s, as well as Tucson Medical Center, the Tucson Botanical Gardens, and the Crossroads Festival shopping center. This prime location makes the properties particularly attractive to Tucson Medical Center employees and those seeking a vibrant urban lifestyle.

“Demand is still very strong for Tucson! This specific package generated 9 offers in less than two weeks of marketing” says Mendelsberg.  “With this latest transaction, PICOR’s Multifamily Team continues to solidify its position as a market leader in Tucson’s 10–150-unit multifamily space.”

TUCSON, AZ (August 28, 2024) – A 460-lot, Mountain Vista is a planned community of manufactured homes that welcomes young families as well as those enjoying retirement at 4545 South Mission Road in Tucson. It sold recently for $34 million ($73,913 per unit) on 80 acres.

An all-ages community, located off I-19 and Ajo Way. With a beautiful clubhouse equipped with a kitchen, lounge with a fireplace, fitness center, play area for children and a full-size pool for hot summer days. Mountain Vista’s lots are oversized to allow for a personal oasis. The family community is also pet-friendly.

It has over 450 extra-large sites to accommodate both single and double wide manufactured homes.

The buyer took title as Mountain Vista Titleholder, an affiliate of Green Courte Partners, LLC (“GCP”), a private equity real estate investment firm out of Chicago, focused on building industry-leading companies within niche real estate sectors, announced today that its fifth investment fund, Green Courte Real Estate Partners V, LLC, and its affiliates, acquired Mountain Vista, a 460-site all-age land-lease community located in Tucson, Arizona. The acquisition adds an Arizona property to GCP’s national land-lease community portfolio and brings it to a total of 24 communities located in eight states, containing approximately 9,000 home sites. Mountain Vista will be managed by Windward Communities (“Windward”), GCP’s wholly-owned land-lease community operating platform. Windward will implement an immediate and substantial capital improvement plan, including road paving, upgraded amenities, and refreshed landscaping and signage, to enhance the community and support leasing initiatives.

Regarding the transaction, Jordan Kerger, Managing Director at GCP, stated, “We are excited to establish a presence in Arizona with a community of this size and quality as we continue to seek opportunities to grow our land-lease community portfolio nationwide.”

Tim Davis, GCP’s counterparty in the transaction, added, “We brought this opportunity directly to Green Courte because of our long-term relationship and our confidence in their ability to execute based on the transactions we have successfully completed together in the past. Green Courte met our transaction timeframe and closed at the original terms despite continued volatility in the capital markets.”

Mountain Vista Park is steps away from K-8 schools & High School bus stop. Five minutes to I-10 & I-19, Major shopping centers, Mountain Hiking Trails. 10-minutes to Walmart, Movie Theatres, Rodeo Park and Fairground. 15-minutes to Hospitals, San Javier Mission, Downtown, ASU campus. 20-minutes to Sonora Desert Museum, Pima Air Museum, Tucson Zoo & Reed Park and the Mexican border is under an hour.

The seller was an affiliate of the Pegasus Group of Darville, CA.

For more information, the community can be reached at 520.889.3315.

To learn more see RED Comp #11427.

TUCSON, AZ (August 27, 2024) — A multitenant retail pad in Montesa Plaza, at the corner of Broadway and Houghton Road, 150 South Houghton Road in Tucson sold for $1,190,000 ($264.44 PSF).

The asset closed on July 22, 2024.

The property serves an affluent east Tucson neighborhood with an average household income of $104,000, which speaks to the long-term tenancy of the tenants. The 4,450 RSF was sold with three tenants: Discovery Smiles Dentistry, Gallagher State Farm Insurance, and Sunrise Martial Arts – Karate for Kids with 30 dedicated parking spaces. The subject property sold with 250 square feet vacant.

Discovery Smiles Dentistry has been a part of the development since it was constructed in 2006, with both Gallagher State Farm and Sunrise Martial Arts as tenants for 10+ years. Galaxy Theatres, a fully integrated, privately owned entertainment company that ranks in the top 10% of its industry, anchored the center. 150 S Houghton benefits from this destination tenant, the only theatre in east Tucson.

Other notable businesses in the center include UPS Store, Cost Cutters, and Starbucks. In addition to the strong tenant base, it has a 95% occupancy and an upside in developing a remaining front pad.

The property sold with an NOI of approximately $87,000 and a 7.25% cap rate.

The seller with BH Broadway, LLC, an affiliate of Venture West of Tucson, represented by Kidder Mathews (Phoenix), Mike Ciosek, Ryan Sharpe, and Tyler Griffith.

The buyer was a family trust from Tucson that was self-represented.

For more information, Ciosek can be reached at 602.513.5135, Sharpe at 310.893.3397, and Griffith at 310.906.3282.

To learn more, see RED Comp #11406.