TUCSON, ARIZONA -- HZ Properties (Ike Isaacson of KDI Management, manager) sold a 426 casitas in 28 properties portfolio in Tucson for $91.25 million ($214,000 per unit) to a Texas REIT, Commerce Capital Partners (ComCapp) of San Antonio.
ComCapp is a private real estate investment and management firm focused on multifamily that actively searches out opportunities with value-add components, little or no competition, and undercapitalized ownership structures in markets that have long-term growth potential.
Most of the rental homes have amenities you would expect to find in a single-family residence, such as washer/dryer hook ups, covered parking, fenced backyards, and more. The 1- and 2-bedroom casitas are tucked away in 28 lush communities located around Tucson.
Properties included in the transaction:
- 2941-2971 N Sparkman Blvd.
- 3350-3378 E Blacklidge Dr.
- 2940-2992 N Edith Blvd.
- 4801-4895 E Lee St.
- 9230-9284 E Speedway Blvd.
- 1700-1750 E Adelaide Dr.
- 1444-1492 E Adelaide Dr.
- 2715-2735 N Columbus Blvd.
- 1030-1062 E Knox Dr.
- 1701-1711 E Hendrick Dr.
- 314-338 E Calle Arizona
- 550-572 E Calle Arizona
- 1515-1539 E Fort Lowell Rd.
- 3809-3819 E Glenn St.
- 1407-1417 N Sycamore Blvd.
- 5926 & 6056 E Bellevue
- 3640 E Bellevue
- 3324 E Flower St.
- 3440-3462 E Flower St.
- 1921-1933 N Rosemary Dr.
- 1617-1639 E Blacklidge Dr.
- 303-3021 N Olsen Ave.
- 2914-2926 N Mountain Ave.
- 3411-3421 E Presidio Rd.
- 3013-3038 N Ann Eve Pl.
- 3125-3135 N Palo Verde Rd.
- 4200-4331 N Vine
- 1440-1450 E Roger Rd.
Unlike apartment complexes, the casita-style communities are single story and contain fewer homes per community. The seller personally leased, maintained and managed all of the communities and buyer will do the same.
Art and Clint Wadlund of Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) handled the transaction for seller. Buyer was self-represented.
To learn more, see RED Comp #9811.