TUCSON, Ariz., (Jan. 11, 2024) – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of The Place at Spanish Trail, a 256-unit multifamily asset in Tucson, Arizona that sold for $33 million ($129,000 per unit).

The transaction closed on December 20, 2023.

“Tucson’s population growth is expected to continue over the next five years, which should sustain the city’s historically high multifamily rent and occupancy rates,” said Clint Wadlund, IPA senior director. “The prior owners of The Place at Spanish Trail completed significant interior, exterior, and common area renovations, giving the buyer opportunity to further enhance value by renovating the remaining classic unit interiors and selectively enhancing community amenities,” said Hamid Panahi, IPA senior vice president. Wadlund, Panahi, and IPA’s Steve Gebing and Cliff David represented the seller and procured the buyer.

The property is near Broadway Boulevard, Tucson’s major east/west thoroughfare. Retail and dining are nearby at the Old Spanish Trail Crossing and Old Spanish Trail Marketplace shopping centers, and The Loop Recreational Trail is close by. Among the 2,000 employers within a five-mile radius are St. Joseph’s Carondelet Hospital, Davis-Monthan Air Force Base, UA Tech Park at Rita Road, Tucson Unified School District, and Northwest Medical Center Houghton.

Completed in 1979, upgrades to the majority of The Place at Spanish Trail’s one- and two-bedroom units include white Shaker-style cabinet fronts, new appliances, wood-plank laminate flooring, and new electrical and plumbing fixtures. The community-wide improvements include custom-built barbecue areas, a renovated clubhouse with a full kitchen and coffee station, a renovated fitness area, Amazon package lockers, a new pool fence and furniture, and an entry gate.

To learn more, see RED Comp #11046.

TUCSON (VAIL), AZ (January 9, 2024) — D.R. Horton finished a rolling one option agreement at Sycamore Vista in February and now has another option agreement for 57 SFR more lots.

The first takedown occurred on December 22, 2023, for 25 lots at $1.875 million ($75,000 per finished lot). Lots are all 70 feet wide and average 8,000 square feet.

The new phase of Sycamore Vista is at the base of the Santa Rita mountains. It is just around the corner from Corona Foothills Middle School, Sycamore Elementary School, and Copper Ridge Elementary School in the highly sought-after Vail School District.

D.R. Horton has seven different floorplans, all paired perfectly with beautiful mountain surroundings and unparalleled sunset views. Residents appreciate easy access to schools, shopping, dining, and recreation.

Dan Feig with Chapman Lindsey Commercial Real Estate Service handled the transaction representing DR Horton and the seller, NT Properties c/o Steven Russo, managing member.

For more information, contact Feig at 520.747.4000 ext. #103.

To learn more, see RED Comp #11069.

SAHUARITA, AZ (January 5, 2024) – Green Valley Fire District purchased the Rural/Metro Station #79 at 765 W Sahuarita Road for $3.226 million ($364 PSF) from an affiliate of Sharpe & Associates, Inc., La Rosa Jean, LLC.

Station #79 is in the Sahuarita Town Center, where Rural/Metro has provided fire and emergency services since 1974. When the Town of Sahuarita was incorporated in 1994, Rural/Metro was the main provider to area residents.

Sahuarita has been served by two fire agencies: Green Valley Fire District and Rural/Metro Fire, a private company, on a voluntary subscription basis. Everybody has fire coverage, but a homeowner or business without a subscription is billed if there is a fire or other event where Rural/Metro shows up.

When Rural/Metro indicated their intention to stop services in northern Sahuarita, including Rancho Sahuarita, it was a call to action for the Town of Sahuarita, Green Valley Fire District, and Rural/Metro to collaborate on annexing the area for continued appropriate emergency services and ensure a seamless transition plan. Rural/Metro closed its second station, at 677 S Rancho Sahuarita Blvd. May 1, 2023.

For the annexation to go through, the fire district needed to turn in a petition signed by more than one-half of the property owners and persons owning collectively more than one-half of the assessed valuation of the property within the boundaries of the proposed annexation. This effort failed in 2010-2011 but was successful this time and approved by Pima County Board of Supervisors in September 2023.

Rural/Metro remains a tenant at Station #79 until July 1^st, when Green Valley Fire takes over service and will occupy the fire station.

Sharpe & Associates, Rancho Sahuarita’s developer and seller, was represented by Jeremy Sharpe and Diana Dessy, who negotiated the station sale and supported the annexation. The station sale was completed on December 12, 2023.

By annexing into the Green Valley Fire District, lower property insurance premiums are likely for residents.  The ability to deduct Fire District taxes from their income tax is also made possible. Finally, there is an increased ability to sell homes or land with dedicated fire protection services, as some buyers cannot secure a mortgage or homeowner’s insurance without dedicated fire service protection.

For more information, contact Green Valley Fire District Headquarters at 520.625.9400 or Rural/Metro at 877.672.1028.

To learn more, see RED Comp #11020.

Area in green shows the area annexed by Green Valley Fire District.