TUCSON, Arizona – SBH La Estancia, an affiliate of Sunbelt Holdings, the developer of La Estancia has sold 350 lots in 2017 with Meritage, Richmond and now Lennar Homes there. La Estancia has sold more lots than any master planned community in metro Tucson, making it the best performing community for lot sales this year.

Most recently, Lennar closed on 112-lots for $6.16 million, or $55,000 per finished lot and $1,100 per front foot.

Will White with Land Advisors Organization in Tucson handled the transactions with associate, John Carroll.

“La Estancia has been successful from the day it opened. It hits all the marks for homebuilders from location, proximity to major employment and Vail School district. In addition, the community has seen strong sales and price appreciation over the past 18 months. Success builds on success. With all of the new acquisitions in the project this year and all the new construction, we expect La Estancia to have plenty of room to run in 2018 and 2019.”

Senior Vice President at Sunbelt Holdings, Bob Bambauer who oversees the La Estancia project told us that due to the increased demand for the 50-wides, they intend to replat the 65-foot wides to 45-foot wide lots.

“With the recent lots sales and the replatting of the larger lots, we are now focused on planning the southern half of the site,” said Bambauer. “We will have a variety of lot sizes ready for development throughout 2018 and beyond.”

La Estancia, a 556-acre master planned community, offers master-planned living in this prime southeast submarket. Centrally located just off of I-10 and Wilmot Road and nearby some of Tucson’s most prominent employment centers including Raytheon Missile Systems, Davis Monthan Air Force Base, U of A Tech Park and the Tucson International Airport. Residents benefit from community amenities including a sparkling pool, splash pad, shaded ramadas and play equipment, ready for use.  Future plans include sports fields and more.

TUCSON, Arizona – The Marcus & Millichap Real Estate Investment Services Team of Hamid Panahi, Steve Gebing and Cliff David closed on the Sunflower Apartments at 6502 E Golf Links Road in Tucson for $6.67 million ($46,300 per unit).

The seller of the 144-unit complex was GR Partners Sunflower, an affiliate of GR Capital of Colorado. The buyer, Veterans Parkway of California is a private investor.  The property was built in 1983 on 4 acres and was 96% occupied at time of sale.

“Since acquiring the property in 2015, the ownership invested capital towards exterior and interior enhancements, improving the presentation of the property while simultaneously minimizing the future capital cost exposure for the new owner,” said Panahi. “The buyer benefits from adding to their existing footprint within the submarket, while benefiting from operational efficiency.”

Sunflower is a gated community in the Eastern submarket of Tucson. Some of the Community amenities include: fitness center, pool & spa, sports court, playground, reserved covered parking, barbecue grills, 24-hour laundry, 24-hour emergency maintenance.

Unit amenities include: individual A/C units, vaulted ceilings, garbage disposals, dishwashers, electric stoves, and free Wi-Fi in unit.

For more information Panahi, Gebing and David can be reached at 520.719.6511 in Tucson.

To learn more, login and see RED Comp #5263.

[mepr-show rules=”58038″]Sale date: 10/4/2017. Sale price: $6,668.800 with $3,318,000 down. Document #2017-2770554. Property sold at a reported 5.83% cap rate.[/mepr-show]

TUCSON, ARIZONA –  Earlier this year, Tucson South Development Group LLC, an affiliate of Long Development Corporation (David Long, president) purchased 5.34-acres south of the southeast corner of Indian Agency Rd and Valencia Rd in the Midvale Park Shopping Center in Tucson, Arizona to split into two lots.

The construction of a 21,702-square-foot Tractor Supply store with 15,000-square-foot fenced outdoor display area was constructed at 1715 W Valencia that recently sold for $5.075 million ($234 PSF) in a net lease sale to IS Corporation of Boca Raton, Florida.

The remaining 2.68 acre undeveloped pad sold to WG Midvale Holdings LLC, an affiliate of Whirlygig Properties of Tucson (Barry Kitay and Lynn Taylor, principles) for $1 million ($8.57 PSF).

The buyers purchased to develop a Goodwill Store on this site adjacent to the Tractor Supply store

The Goodwill store at 1680 W Valencia Road will be expanding into this location when complete. Located near the new 104,000-square-foot Fry’s Supermarket along Valencia Road, a major arterial road serving the southwest submarket of Tucson, neighboring tenants include Walmart Supercenter, Lowe’s and several banks and restaurants.

Bryan Babits with Western Retail Advisors of Phoenix represented the seller and the buyer was self-represented in the transaction.

For more information, Long should be contacted directly at 602.574.0731.