TUCSON, Ariz. –  (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Hilands, a 826-unit multifamily asset in Tucson, Arizona. The $178 million sales price, which represents $215,496 per unit, is the highest single-asset multifamily transaction in Tucson history.

“The largest multifamily asset in Pima County and only one of 11 garden-style multifamily assets larger than 100 units in the affluent Catalina Foothills submarket, Hilands presents our buyer with a tremendous opportunity to add value through a programmatic interior renovation program,” said Hamid Panahi, IPA senior vice president. “Under previous ownership for over 25 years, the property is supported by the submarket’s 96.95% multifamily vacancy rate and median annual household income of $93,000.”

“Rental demand is projected to remain strong within the submarket due to lack of new single-family and multifamily supply, a continued low rent-to-income ratio compared with other Western metros, and a consistently large affordability delta between rent and mortgage payments as Tucson’s home values continue to increase close to 30% year-over-year,” added Clint Wadlund, IPA senior director. IPA’s Clint Wadlund, Hamid Panahi, Art Wadlund, Steve Gebing and Cliff David represented the seller, Northland Investment Corporation, and procured the buyer, Bridge Investment Group.

The property is located in suburban North Tucson at the intersection of North Craycroft Road and River Road. The 22-mile Rillito River Park Trail is directly accessible, the Tucson Medical Center is two miles away and two schools are nearby. There are 3,000 businesses within a five-mile radius of Hilands, including employers such as Carondelet St. Joseph’s Hospital, Tucson Unified School District, Canyon Ranch, ADP, Loews Ventana Canyon Resort, Walmart, Texas Instruments, and The Westin La Paloma Resort and Spa. The Tucson Country Club and Dorado Golf Course are within a short drive and shopping is nearby at River Center, Synergy Plaza and the Tucson Mall.

Built in two phases in 1985 and 1986 the garden-style, 460,418-net-rentable-square-foot property has 41 residential buildings, a swimming pool and covered parking. Additional community amenities include a 24-hour fitness center, an air-conditioned racquetball court and two lighted tennis courts. Apartments have breakfast bars, French doors and extra storage space. Select units have stacked and full-size washers and dryers and private patios. The average unit size is 557 square feet.

Tucson, Arizona –Larsen Baker, through its affiliate Valencia Southpointe Partners, LLC recently acquired the 5.6 acre parcel located at 6900 E Valencia Rd, Tucson, Arizona for $600,000 ($2.56 PSF). The sale closed July 5, 2022.

The parcel is located in the Southpointe Industrial Park at the Northwest corner of Kolb and Valencia close to the Port of Tucson and the new Amazon fulfillment center. Larsen Baker plans to develop retail on the corner of Valencia and McCulloch Dr and industrial/flex space on the rest of the land.

The buyer was self-represented by Isaac Figueroa, CCIM, with Larsen Baker (Melissa Lal, President). The seller, PF Global Property Group (Tucson), Inc. (David John Pain, President) was represented by Alan Moore and Nick Travassos of Chapman Lindsey in Tucson.

For more information, Figueroa should be reached at 520.296.0200 ext 218.

TUCSON, ARIZONA — The Rio Nuevo Board unanimously moved to acquire the Sosa-Carrillo House located on the TCC Campus with approval from the Arizona Historical Society Board of Directors. The historic adobe property, built in the 1870’s, functions as a museum of Mexican-American Heritage and Tucson culture.

“We want to save and preserve the Sosa-Carrillo House in order to continue to represent Tucson’s earliest history,” said Chairman Fletcher McCusker.

The Sosa-Carrillo House remains one of the few buildings saved from Tucson’s “urban renewal” in the 1960’s, which saw the demolition of much of Downtown Tucson’s early historic structures.

Off-Duty TPD Officers Downtown

As the interest in Downtown Tucson grows, so do the crowds that attend events and patronize the many amazing local restaurants and shops. The Rio Nuevo Board voted unanimously to support an increase in the presence of off-duty Tucson Police officers throughout downtown to ensure the safety of patrons and merchants.

“Providing security and a safe environment in downtown facilitates all the investment we’ve made. This is the heartbeat of Tucson, and we need to keep it safe,” said Treasurer Chris Sheafe.

Officers will be present for 5 hours a day and will be paid for by Rio Nuevo.

TCC
Michael Becherer, Principal Architect at Swaim Associates, provided an update on the status of ongoing projects at the TCC. Meeting rooms are completed and are in use, the Lot C Garage is nearly complete with the installation of the elevator underway, and the Music Hall is utilizing the off-season to finalize improvements.

Becherer expects projects to be finished in approximately six weeks.

More information on this project and downtown can be found at RioNuevo.org