HSL Acquires Apartment Site at Marana Center for $3.7 Million

MARANA, ARIZONA — Tucson-based, HSL Properties, doing business as HSL Marana Center Apartments, LLC, has purchased a 13.59-acre Multifamily Development Site, adjacent to the Tucson Premium Outlets, for the future construction of a 285-unit apartment complex.

Located southeast of Twin Peaks and Linda Vista, the site, known as Marana Center Parcel 3, was purchased for $3,700,000 ($6.25 PSF).

Formed in 1975, HSL Properties currently owns and operates more than 10,000 apartment units in 36 apartment communities, 8 hotels, and a number of other real estate holdings ranging from office buildings, call centers, and industrial parks. HSL is the largest apartment owner in Southern Arizona and one of the largest in the state.

Of the 36 communities, HSL Properties owns and operates 29 in Tucson, 5 in Phoenix, 1 in Casa Grande, and 1 in Yuma with over 7-million-square-feet.

Go here for other sales reported at Marana Center this month.

Mike Chapman and Justin Lanne of NAI Horizon-Tucson Branch represented the seller Vintage Partners, of Phoenix, doing business as VP Marana Investments, LLC.

For more information, Chapman can be reached at 520.591.5188 and Lanne should be contacted at 520.907.3470.

To learn more, see RED Comp #5807.