Larsen Baker Sells North Building at SkyCAM

Tucson, Arizona – Larsen Baker is pleased to announce the sale of the recently renovated north building at SkyCam on the northwest corner of Campbell and Skyline. The building was sold to be owner occupied to the same buyer who earlier this month purchased the adjoining Charles Schwab building at 6405 N Campbell.

The buyer is 6405 North Campbell IC/FH JV, LLC, an Arizona limited liability company.

The property sold for $4,403,930.00 ($595 PSF) and closed on June 23, 2022.

The 7,400-square-foot office building was constructed in 1991.  Larsen Baker purchased it in Nov. 2020 to reposition as a class A building.

The seller, Skyline Encantada Investors, LLC, an affiliate of Larsen Baker, was represented by Isaac Figueroa of Larsen Baker who handled the transaction in this off market transaction.

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

To learn more, see RED Comp #9951 and #9923.



ABI Multifamily Brokers 34-Unit Northwest Phoenix Apartment Community for $9.5 Million

PHOENIX, ARIZONA  – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $9,500,000 / $279,412 Per Unit / $376.15 Per SF sale of Urbana at Hayward, a 34-unit multifamily apartment community located at 2020 West Hayward Avenue, Phoenix, AZ 85021. ABI Multifamily’s Mitchell Drake, Dallin Hammond, and Carson Griesemer represented the seller in this transaction.The buyer and seller are based in Arizona.Urbana at Hayward is a 34-unit garden-style apartment community originally constructed in 1961 with recent renovations completed in 2021. The property features a phenomenal unit mix of (13) 1-bedroom / 1-bathroom and (21) 2-bedroom / 1-bedroom units. Each unit features vaulted ceilings, attached access carports, exterior storage closets, large private backyards, newly paved parking lot, brand new electrical panels (100 amperage) and a sparkling pool. Recent upgrades have been made to 10 of the units (29%) (all two bedrooms) featuring brand-new stainless-steel appliance packages, vinyl flooring, quartz countertops, bathroom fixtures, in-suite washer and dryer, and more. Light renovations have been made to two units, each of which are one-bedroom units. This single level garden-style community is pulled together by its round-about access route allowing for drive up access to each unit. The property is situated on roughly 2.4 acres giving the community an abundance of privacy.Located in the Northwest submarket of Phoenix, AZ and situated on West Hayward Avenue between West Northern Avenue and West Glendale Avenue, Urbana at Hayward sits approximately nine miles north of Downtown Phoenix and less than six miles from the Biltmore area. Residents enjoy a premium central location with direct access to all areas of Phoenix by way of Interstate 10, State Route 51 and the Valley Metro Light Rail. Immediate neighborhood conveniences and services include Super Target, Sprouts Farmers Market, Albertsons, Walgreens Pharmacy.Significant employers in close proximity to the property located along the I-17 employment corridor, Midtown and Downtown Phoenix, and the Camelback Corridor include Banner Health, St. Joseph’s Hospital, U-Haul International, Wells Fargo, JP Morgan Chase, and Phoenix Children’s Hospital.



Tucson sees #1 largest monthly rent increase for July

TUCSON, ARIZONA — Apartment List is reporting Tucson rents increased 3.8% in July, and have increased sharply by 22.2% in comparison to the same time last year. The Tucson rental market, including comparisons to cities throughout the state and nation is evaluated in the report.

Tucson rents increase sharply over the past month

Tucson rents have increased 3.8% over the past month, and have increased sharply by 22.2% in comparison to the same time last year. Currently, median rents in Tucson stand at $1,009 for a one-bedroom apartment and $1,327 for a two-bedroom. The city’s rents have been increasing for 25 straight months – the last time rents declined was in May 2020. Tucson’s year-over-year rent growth leads the state average of 15.8%, as well as the national average of 14.1%.

Rents rising across cities in Arizona

Throughout the past year, rent increases have been occurring not just in the city of Tucson, but across the entire state. Of the largest 10 cities that we have data for in Arizona, all of them have seen prices rise. The state as a whole logged rent growth of 15.8% over the past year. Here’s a look at how rents compare across some of the largest cities in the state.

  • Looking throughout the state, Surprise is the most expensive of all Arizona’s major cities, with a median two-bedroom rent of $1,858; of the 10 largest Arizona cities that we have data for, all have seen rents rise year-over-year, with Tucson experiencing the fastest growth (+22.2%).
  • Glendale, Phoenix, and Mesa have all experienced year-over-year growth above the state average (19.0%, 17.1%, and 16.8%, respectively).

Tucson rents more affordable than many other large cities nationwide

As rents have increased sharply in Tucson, a few comparable cities nationwide have seen rents grow more modestly. Tucson is still more affordable than most similar cities across the country.

  • Tucson’s median two-bedroom rent of $1,327 is slightly below the national average of $1,339. Nationwide, rents have grown by 14.1% over the past year compared to the 22.2% increase in Tucson.
  • While Tucson’s rents rose sharply over the past year, many cities nationwide also saw increases, including New York City (+26.8%), Miami (+25.2%), and Dallas (+17.0%).
  • Renters will find more reasonable prices in Tucson than most other large cities. For example, San Francisco has a median 2BR rent of $2,636, which is nearly twice the price in Tucson.

For more information check out our national report. You can also access our full data for cities and counties across the U.S.