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Locally owned and operated, A.F. Sterling Homes (Randy Agron, VP) continuing to build at Tortolita Vistas will soon be joined by Scottsdale builder, Maracay Homes that is under contract for 54 lots. Tucson-based Cottonwood Properties (Bill Hallinan, VP) developed this 230 acre gated community set in the foothills of the Tortolita Mountains. Tortolita Vistas located in the Town of Marana offers spectacular mountain views in every direction, the Santa Catalinas and Pusch Ridge to the east, the TucsonMountains to the south, and the Silverbells to the west. Custom home sites, range in size from ¾ of an acre to a little over 1 acre.

On May 30th, A.F. Sterling took down four lots in a rolling option at[mepr-show rules=”58038″]$449,000, or $112,250 per lot. These custom home sites come with the infrastructure in place for builder to complete the pad. A.F. Sterling through its affiliate Scotia JV 2005, LLP has a rolling option for a total of 34 custom home sites that began in 2011.

Randy Agron, Vice-President of A.F. Sterling told us that they have one 3541 Model available, eight homes have sold and 13 more are under contract and in various stages of construction.

The A.F. Sterling series of executive-style single story homes in Tortolita Vistas measure from 2,394 to 3,541 square feet, with base prices ranging from the low $400,000 to mid $500,000 in this Northwest gated community. Six home designs are available in three, four and five bedroom floor plans on home sites that average approximately three-quarters of an acre in size.

To visit take Thornydale Road north of Tangerine Road.

Agron at A.F. Sterling can be reached at (520) 577-3600. Hallinan at Cottonwood Properties can be contacted at (520) 299-8424.[/mepr-show]

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2230 East Fort Lowell Road, LLC an affiliate of California Capital Real Estate Advisors, Inc. (CALCAP Advisors) of Pasadena, CA (Edward Aloe, managing principal) bought the apartment complex Vista Catalina at 2230 East Fort Lowell Road in Tucson for[mepr-show rules=”58038″]$1.325 million ($22,845 per unit) for the 48,027 sq. ft. complex located on Fort Lowell between Country Club and Tucson Blvd.

The property (built 1971) has 58 one-and two-bedroom units in six buildings, ranging from 640 – 788 sq. ft., the units feature paid utilities, free Wi-Fi, covered parking, cable ready, individual climate control provided by a chiller system. Vista Catalina is on direct bus lines, minutes away from the U of A and within walking distance to grocery, shopping, dining, and public libraries. The community has lush landscaping, a pool, outdoor BBQ, and laundry facilities, on-site bilingual manager,  24-hr. emergency maintenance service, short-term and long-term leases, and a dog run for small & medium sized pets.

CALCAP Advisors, a real estate investment and advisory firm, bought the Class-C property to reposition it in the marketplace at an undisclosed cost. Acquisition cost was well below replacement cost, at $28 per sq. ft., it sold with seven vacancies. CALCAP is an experienced value buyer having completed over $50 million in multiple transactions, repositioning distressed multi-family and commercial properties in California, Arizona and Nevada.

CALCAP’s acquisition strategy is guided by the firm’s approach of identifying the best opportunities for capital appreciation. CALCAP looks to acquire, reposition and develop a blend of assets; working to preserve capital and deliver strong returns. Partnering with businesses, asset managers, developers and communities to reposition distressed real estate, provide liquidity, adds value not only for stakeholders but also the communities they serve. This is CALCAP’s first investment in the Tucson market.

The seller, EFL Apartment Partners (Pat McGlathery, principal) of San Diego, CA was represented in the transaction by Bob Kaplan and Allan Mendelsberg, Investment Specialists with Cushman & Wakefield / Picor Commercial Real Estate Services of Tucson.

The Inter-American Investment Corporation (IIC), a member of the Inter-American Development Bank (IDB) Group provided financing for the transaction.

Aloe at CALCAP Advisors can be reached at (626) 229-9057. Mendelsberg should be contacted at (520) 546-2721 and Kaplan is at (520) 546-2737.[/mepr-show]

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Beccaria Partners, a group of hotel investors from Los Angeles (John and Mark Beccaria, principals) coming from a 1031 exchange decided to diversify when they purchased the Children’s Learning Adventure for[mepr-show rules=”58038″]$8.45 million. The stand alone childcare center was a ground up development, built-to-suit by the seller, Cole Real Estate Investments a private REIT of Phoenix (Mark Nemer, CEO) in 2008 for the Children’s Learning Adventure.

Strategically located within a strong employment corridor, west of the northwest corner of Alvernon and Valencia Road, two mile southwest of   I-10. The build-to-suit facility is state-of-the-art designed with infant, preschool and after-school programs in mind. The 25,744 sq. ft building has five specialized learning classrooms specifically designed to provide unique learning opportunities for children. It also has a 30,890 sq. ft. playground on the 3.78 acres for expansion, if needed.

This was the investors’ first asset purchase in Tucson and was attracted to the property for what they believed to be the tenant’s competitive advantage in the marketplace. Children’s Learning Adventure Lifetime Adventures™ curriculum is based on best practices that incorporate the works of early child development theorists Jean Piaget, Erik Erickson, and Lev Vygotsky as well as neuroscientist Bruce Perry’s extensive research in brain development. Lifetime Adventures™ incorporates modern educator’s theories of constructivism including John Bransford, Roger McClintok, Roger Shank and David Elkind. This curriculum follows the guidelines for developmentally appropriate practice set forth by National Association for the Education of Young Children (NAEYC) as well as the national academic school standards.

Children’s Learning Adventure™ is a National, privately-held provider with two locations in Tucson, the second one is at 2190 E River Road. Its curriculum fosters physical growth, cognitive and social-emotional development for children, and incorporating the family and community as an integral component of learning.

A brand new twenty (20) year triple net lease agreement with two five-year renewals options and attractive 10% increases every five years backed by a corporate guarantee helped to seal the deal.

The lender was Hamni Bank, a Korean-American bank with U.S. headquarters in Los Angeles, CA.

Chad Tiedeman of Phoenix Commercial Advisors in Phoenix represented the seller in the transaction while the investor was self-represented.

Nemer at Cole Real Estate Investments may be reached at (602) 778-6000. Beccaria can be contacted at (310) 473-6564. Tiedeman should be contacted at (602) 288-3472.[/mepr-show]