TUCSON, ARIZONA – Near the University of Arizona, a significant, award-winning historic rehab known as the Don Martin Apartments was sold by Phil Lipman for $2.665 million ($111,000 per unit).

Lipman purchased the building in 2004 to renovate the historic property.

Built in 1929, this Joesler-designed building was completely rehabbed in 2005 like a beautiful pre-war New York condominium-syle building and has stayed fully occupied since the rehab.

Located at 605 East 9^th Street in Tucson, the Don Martin affords a wide selection of retail, restaurant and cultural options literally steps from its front door. Hotel Congress, Rillito Theatre, University and dozens of trendy restaurants, to name but a few attractions all within walking distance.

All of downtown and Fourth Avenue are nearby as well as Main Gate being just a mile to the northeast on the Modern Streetcar to offer the best of trendy inner-city living.

The 16,317-square-foot building is two-stories with 24-units and sits on a 22,416-square-foot urban lot.

Tony Reed with Long Realty represented the seller and Shelly Minish with Re/Max Select represented the buyer, Performance Properties Group, LLC (Jihad Alyusuf, manager) a Tucson investment group.

For more information, Reed should be reached at 520.918.5189 and Minsh can be contacted at 520.414.6728. Lipman is also a licensed real estate broker with Bright Properties and can be reached at 520.609.6093.

To learn more, see RED Comp #8398.

MARANA, Arizona — The luxury rental community of Avilla Marana at 4050 W Aerie Drive, Marana will be expanding with up to 400 new homes across the street.

The owner of Avilla Marana purchased 23-net acres for up to 400 homes at 4025-4105 West Aerie Drive in Marana for $9.5 million ($413,000 per net acre). The gross land area includes a wash that adds an additional 4-acres to the site for approximately 27 total acres. It sold rough graded and platted for up to 400 homes.

Art and Clint Wadlund of Berkadia Rea; Estate Advisors Tucson represented the seller, Alta Vista Communities RP, LLC of Tucson (Roger Karber, manager).

The buyer is a Santa Barbara, California company, M3 Multifamily, LLC. Formed in 2008 by John Mosby and Jon Martin for the purpose of acquiring, renovating and managing existing apartment communities in the United States in order to create cash flow and profits for their investors. Since then, M3 has grown steadily, and currently owns/manages communities in Austin, San Antonio, Nashville, Reno, and Tucson.

The investment group purchased the existing Avilla Marana in December 2017 with 284 rental homes, exactly three years prior to purchasing the new expansion site that closed December 2020.

This transaction represents the fifth acquisition for M3 Multifamily in Tucson from the same seller. It also owns Aerie at Tanque Verde, an 85-unit detached luxury rental community, located at 2495 N Desert Links Drive in Northeast Tucson purchased in 2013; Avilla River luxury rental community, a 76-unit community at 1000 W River Road, Tucson sold in 2014; and Avilla Preserve Orange Grove, a 184-unit luxury rental community, located at 2501 W Orange Grove Road, Tucson was acquired in 2015.

Avilla Marana is professionally managed by MEB Management Services. The one-, two- or three-bedroom homes feature a private back yard, 10-foot ceilings, granite countertops, stainless steel appliances and clerestory windows. Only a few minutes from great restaurants, shopping and entertainment as well as the beauty that Tucson has to offer at its Catalina State Park and Saguaro National Park all nearby.

For additional information, Art and Clint Wadlund can be reached at 520.299.7200.

To learn more, see RED Comp #8338.

SAHUARITA, ARIZONA — Rancho Sahuarita is a 3,000-acre master planned community located within the municipal boundaries of Sahuarita, Arizona, a town of approximately 31,500 in Southern Arizona. Sahuarita is one of Arizona’s fastest-growing communities located roughly 20 minutes south of Central Tucson on Interstate 19. Tucson International Airport is also a 20-minute drive from Sahuarita.

Started in 2000, Rancho Sahuarita is now expanding south of Sahuarita Road with its newest subdivision, Entrada La Coraza, in the vicinity of the new hospital. Pulte Home is returning to Rancho Sahuarita with the purchase of 64-lots of 45’wide lots for $1,589,656 ($24,838 per platted lot) and Richmond American Homes has acquired 80-lots of 40’wides for $1,759,347 ($21,992 per platted lot).

The seller, RSMC VI LLC (Jeremy Sharpe, manager), an affiliate of Rancho Sahuarita, has a development agreement with the builders to finish the 144-lots and more in the pipeline.

Entrada del Rio the latest subdivision has all 500 new homesites turned over to four homebuilders including KB Home, Lennar, Richmond and Meritage.

In 2020, new home sales in Greater Tucson have increased by 7.9% and new permits by 17.3%, according to RL Brown. That momentum has continued into 2021, with January reported as ‘the highest new home sales month to date for Entrada del Rio’.

Entrada La Coraza is in the vicinty of the new 77,000-square-foot Rancho Sahuarita Micro Hospital at 16260 Rancho Sahuarita Blvd., Sahuarita, that opened in November 2020. A 2-story, 18-bed medical/surgical unit with 14 emergency department exam rooms, administration and support spaces, pharmacy, imaging department (CT, X-Ray, nuclear medicine) and two operating rooms with surgical support services. The 30,000-square-foot second floor is also for future MOB / ASC / LDRP use.

For more information on Rancho Sahuarita, Diana Dessy, Director of Land Assets for Rancho Sahuarita Management Company can be reached at 520.275.7235.

To learn more, see RED Comp #8359 and #8401.