TUCSON, ARIZONA — A private investment group purchased The Compound Student Housing at 774 E Seneca in Tucson for $3.15 million ($112,500 per bed). The 7-unit property was 100% occupied when is sold. Allan Mendelsberg, Multifamily & Investment Specialist with Cushman & Wakefield | PICOR, handled the transaction for the investors and the seller, Gould Family Properties of Tucson.

Yavapai Apartments at 420 E Yavapai Road in Tucson sold for $1.55 million ($46,970 per unit). The 33-unit, small-community consists of all two-bedrooms / one bath apartment homes and sold with one vacant unit. Claud Smith with Goldsmith Property Management were managing the complex and represented the sellers, Yavapai Properties, LLC, a private group of investors. Allan Mendelsberg with Cushman & Wakefield | Picor handled negotiations for the investor.

10^th Street 12, LLC purchased 10^th Street Apartments, a 12-unit complex located at 804 & 860 E.  10^th St. in Tucson, from Jalan Sepuluh, LLC for $1 million ($83,333 per unit).  Allan Mendelsberg with Cushman & Wakefield | PICOR, handled this transaction.

Gould Family Properties VIII, LLC purchased Pima Street Apartments, a 12-unit complex located at 5739-5755 E. Pima Rd. in Tucson, from Brian & Lauretta Kunz for $735,000 ($61,250 per unit). Broker reported that in four days seven offers were received on this property. Allan Mendelsberg with Cushman & Wakefield | PICOR, handled this transaction.

25Jac Properties, LP purchased a 13,032-square-foot specialized residential facility at 1835 W. Anklam Road in Tucson, from Long Far Investments, LLC for $650,000 ($49.88 PSF). The seller purchased it for $500,000 to renovate for office space and flipped it to the buyer. The property was vacant at time of sale and the buyer intends to renovate the former Carondelet Convent into an 80-100 bed Halfway House.  Paul Hooker, Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller; Allan Mendelsberg with Cushman & Wakefield | PICOR, represented the buyer.

For additional information, Mendelsberg should be reached at 520.546.2721 and Hooker can be called at 520.546.2704.

TUCSON, Arizona – Feast Properties, LLC of Murrieta, California, the construction arm for Denny’s Restaurants, purchased a pad at Houghton Town Center for $575,000 ($20 PSF). Ready for construction, Vail should have its first Denny’s sometime next year right along with the McDonalds that has started construction at Houghton Town Center.

The Vail community is a census-designated place (CDP), twenty-four miles southeast of Tucson.

Denny’s is a table service American diner-style restaurant chain where guests have come for over 60 years to sit back, relax and enjoy delicious, hearty meals, every day of the year including holidays. From breakfast anytime to lunches and dinners, Denny’s is always open.

Denny’s is one of America’s largest full-service family restaurant chains, currently operating over 1,700 franchised, licensed and company-owned restaurants across the United States, Canada, Puerto Rico, New Zealand, Mexico, Costa Rica, Dominican Republic, Honduras, Guam, the United Arab Emirates, Chile, Curaçao, El Salvador, and Trinidad and Tobago, and the Philippines.

Brenna Lacey and Jeremy Price with Volk Company represented the seller / developer, Houghton Developers LLC, an affiliate of Diamond Ventures (Bill Kelley, CFO). Shannon Murphy with DVI Realty assisted in the transaction, while buyer was represented by Northwest Commercial Advisors.

“Other restaurants, such as Popeye’s, Panda Express, Jersey Mikes and Dunkin Donuts have been doing very well at this location,” said Lacey. “And the 4,041-square-foot new Denny’s should be a welcomed addition to the community.”

Currently, Vail residents drive about 14-miles to the nearest Denny’s at 4040 East 22^nd Street in Tucson.

For more information, Lacey can be reached at 520.495.2233, Price is at 520.441.4771 and Murphy can be contacted at 520.577.0200.

For further information on Denny’s, visit the Denny’s website at www.dennys.com

To learn more, see RED Comp #6260.

TUCSON, Arizona — Will White and John Carroll with Land Advisors Organization (LAO) closed this week on $12.61 million in land sales in Rancho Vistoso and Gladden Farms in Northwest Tucson submarket.

A New York-based land investment REIT, JEN Arizona 32, LLC and affiliate TerraWest Communities (Mike Jesberger) purchased Blocks 5H and 5I (190 Acres) at Rancho Vistoso Neighborhood 5 in Oro Valley for $6.3 million.  The buyer plans to plat the parcels for a mix of production lot sizes. The Seller was VPII Loan, LLC.

Richmond American acquired 19 paper lots in Rancho Vistoso Neighborhood 10T for $850,000 ($44,737 perplatted and engineered lot). The 19 lots are a Vistoso infill parcel sold by Tempe-based, Grace Holdings, LLC (Bernadette Wolfswinkel, manager).

“Rancho Vistoso goes all the way back to the 1980’s and 90’s, so Vistoso is some of the best infill in the region at this point. It has a proven track record of some of the strongest pricing power and pace in the Tucson metro area. It is surrounded by supporting amenities, employment and the views and aesthetics of that area are amazing. Homebuilders continue to scout opportunities in that masterplan because they are having great success. As the options become limited in Rancho Vistoso, we expect land to continue to trade at a premium that reflects the strong attributes of the project,” commented White.

Richmond also closed on it’s second deal at Gladden Farms in 2018 for another 105-finished lots for $5.46 million ($52,000 per lot). The lots were sold by the developer, Gladden Phase II, LLC (Crown West Realty, Dean Wingert). Will White and John Carroll of Land Advisors Organization in Tucson handled the transaction and have the marketing assignment on all of Gladden Farms.

“Gladden Farms has closed 347 lots YTD. It is not surprising that new blocks are trading at volume, it is a fantastic community in a strong growth area. North Marana has huge momentum and will continue to capitalize on the constraints of the metro area for many years to come.”

White added, “The great thing about the Tucson market is that it is showing strength in almost every component. We are seeing much better economic news and supply is tight on all fronts which is providing a very stable situation. We like to look at burn rate and this year there has been a big push to affordability and building specs to get ahead of timing concerns and get cost efficiencies. This all leads to the build out of communities faster than everyone was anticipating. Bottom line is we need more land in production in all areas of Tucson or we can simply expect price increase all around from land to housing over the next 24 months.”

For more information, White and Carroll should be reached at 520.514.7454.

To learn more, see RED Comp #6278, #6290 and #6289.