TUCSON, Arizona – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Canyon Heights, a 196-unit multifamily property in Tucson, Arizona. The property at 550 N Pantano Rd. in Tucson traded for $33 million, or $168,367 per unit.

“Demand for multifamily assets in Tucson continues to escalate as out-of-state investors seek to benefit from the city’s 21.7% annual rent growth rate, the fourth-highest in the nation,” said Hamid Panahi, IPA senior vice president.

Panahi and IPA’s Clint Wadlund, Steve Gebing and Cliff David represented the seller, South Coast Commercial.

“With 100% of its units unrenovated, Canyon Heights offers an increasingly rare blank-canvas value-add opportunity,” added Wadlund. “Original common area amenities and interior finishes provide new ownership with the opportunity to implement a strong renovation program to match current consumer preferences and expectations.”

Constructed in 1982 on five-plus acres, Canyon Heights’ community amenities include covered parking, a swimming pool and a 24-hour fitness center. Apartments have dishwashers, ceiling fans, and views of the Santa Catalina Mountains. Select units offer private balconies and wood grain vinyl flooring.

To learn more, see RED Comp #9810.

PHOENIX, ARIZONA —Northmarq Phoenix’s Investment Sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson,and Ryan Boyle brokered the $38.125million sale of Standard Dobson Ranch, a 120-unit multifamily community located at 1325 West Guadalupe Road, Mesa, Arizona. The sale was the final Arizona property in a portfolio of multifamily properties that the team sold on behalf of SPL Companies of Denver. Northmarq’s Investment Sales team has one additional SPL Company multifamily property, Standard East, in Albuquerque that is anticipated to close at the end of May.

The buyer of Standard Dobson Ranch was Phoenix-based Rise48 Equity, LLC, who purchased the other Metro Phoenix properties in the portfolio, Standard Country Club in Mesa and Standard West and Standard 59 in Glendale in March 2022. Northmarq Phoenix’s Debt & Equity team of Brandon Harrington, Bryan Mummaw, Tyler Woodard, and Bryan Liu financed the acquisition of Standard Dobson Ranch with a$31,293,000 debt fund execution.

“With the purchase of Standard Dobson Ranch, the fourth property in the SPL portfolio, Rise48 Equity added a total of 582-units in the Phoenix Metro market to their portfolio in the past 60 days,”explained Jesse Hudson, Senior Vice President, Investment Sales, Northmarq.“Being able to scale up that quickly in a market with as much investor demand as Phoenix was a rare opportunity.”

Built in 1980, Standard Dobson Ranch includes 18 one-bed and 102 two-bed units that range in size from 600- to 900-square-feet. Community unit amenities include swimming pool and spa, covered parking, on-site rental office, private balconies/patio and in-unit washer and dryer. The property was 97% leased at the time of sale.

“After a record-setting 2021, the local investment market is off to a strong start to 2022. During the first quarter of this year, 48 transactions closed totaling nearly $3 billion. This sales volume put the Phoenix market ahead of the pace established in the first quarter of 2021. The transaction count from the first three months of 2022 was up 9 percent from the same period in 2021, while total dollar volume was up 40 percent,” according to Peter O’Neil, Director of Research, Northmarq’s Phoenix office. “Transaction activity is being fueled by strong operating fundamentals. Market rents have spiked 27 percent in the past year and occupancy rates throughout the market are above 95 percent—about 200 basis points higher than the long-term average,” O’Neil added.

For a full breakdown on the area’s multifamily market fundamentals review Northmarq’s Phoenix Insightspage.

TUCSON, AZ – Better Business Bureau Serving Southern Arizona (BBB) recognized Judy McDermott as the first recipient of the Ellen Kirton “You Too Can Make A Difference” Award and six organizations with a 2022 Torch Award last Friday evening at its annual ceremony presented by South32 and held at Casino Del Sol.

The Southern Arizona BBB Torch Awards celebrates businesses, nonprofits, and entrepreneurs whose business practices and related activities exemplify BBB’s mission and principles to ensure the marketplace remains fair and honorable. The awards focused on three categories: Business Ethics, Nonprofit Ethics, and the Spark Award for millennial entrepreneurs.

Southern Arizona 2022 BBB Torch Awards Winners Revealed

• The Earnest House LLC. – The Earnest House LLC’s goal is to provide a housing in a safe and clean environment to help individuals transition from one life situation to the next. Category I (1 to 7 Employees)
• CS Design Studios – Tucson’s leading Digital Marketing Agency & Web Development Company. With over 55,000 leads generated for local businesses since 2015, CS Design Studios can help you begin your success story today. Category II (8 to 17 Employees)
• Al Coronado Plumbing – Al Coronado is a family owned and operated plumbers company which has serviced Arizona since 1981. They take great pride in offering quality plumbing at an affordable rate along with professional and courteous customer service. Category III (18 + Employees)
• Grace Hearing Center – The mission of Grace Hearing Center is to build the self-worth of individuals by restoring their hearing potential and providing them with opportunities to engage with their communities through service to others. Category I (Below 1.5 Million in Revenue)
• Beacon Group – Beacon Group creates opportunities for people with disabilities. Since 1952, Beacon has been a leader in providing real jobs and employment-related services to people with disabilities in Arizona, serving over 2,100 people with disabilities each year. Category II (Above 1.5 Million in Revenue)
• Luis Redondo Mochomo’s Landscaping – Luis and his company have served the Tucson/Sahuarita community for over 15 years. “Work hard in silence and let success make the noise” is his motto. Spark Award – Entrepreneur
• Judy McDermott – Ellen Kirton’s “You Too Can Make A Difference” Award recipient

• A-Authentic Garage Door Service Co. – Tucson
• S.W.A.T. Glass LLC
• Schumer Dental, PC
• Ronnie’s Handyman and Home Services LLC
• Alex Tire Pros
• Caring Transitions of Southern Arizona
• Grace Retreat Foster Care and Adoption Services
• Candlelighters Childhood Cancer Foundation of Southern Arizona
• Big Brothers Big Sisters of Southern Arizona
• Literacy Connects
• Jessica Kaiser – JKaiser Workspaces
• Alejando Vidal – Wildcat Painting LLC
• Vanessa Larios- Skyland Roofing & Restoration