It’s one for the record books.
An 826-unit apartment complex in Tucson’s Catalina Foothills fetched $178 million — more than $215,000 per unit.
“Hilands presents our buyer with a tremendous opportunity to add value through a programmatic interior renovation program,” said Hamid Panahi, senior vice president of Institutional Property Advisors. “Under previous ownership for over 25 years, the property is supported by the submarket’s 96.95% multifamily vacancy rate and (that area’s) median annual household income of $93,000.”
Panahi and colleagues Clint Wadlund, Art Wadlund, Steve Gebing and Cliff David handled the sale on behalf of the seller, Northland Investment Corp., and the buyer, Bridge Investment Group.
“Rental demand is projected to remain strong within the submarket due to lack of new single-family and multifamily supply (and) continued low rent-to-income ratio compared with other Western metros,” Clint Wadlund said.
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Hilands, on the corner of River and Craycrofts roads, has 41 buildings, a fitness center and two tennis courts.
The average apartment size is 557 square feet. Current rents range from around $800 for a studio up to $1,500 for two-bedroom unit.
Rising rents continue to attract investors to the Tucson market and lifted the average price point to $135,000 per unit last year.
Other local real estate transactions include:
Larsen Baker affiliate Valencia Southpointe Partners LLC bought a 5.6-acre parcel at 6900 E. Valencia Road for $600,000 to be developed into a mix of corner retail and industrial/flex space. The buyer was represented by its broker, Isaac Figueroa. The seller, PF Global Property Tucson Inc., was represented by Alan Moore and Nick Travassos, with Chapman Lindsey.
Skechers USA LLC leased 6,500 square feet at the Tucson Spectrum shopping center, at the southwest corner of Interstate 19 and Irvington Road, from Tucson Shopping Center LLC. Greg Furrier, with Picor, and Leslie Mayer, with Cushman & Wakefield Los Angeles, represented the tenant.
The Center for Life Skills Development LLC expanded their lease with Spirits LP for an additional 1,325 square feet, totaling 5,837 square feet of office space at 3131 N. Country Club Road. Ryan McGregor and Molly Mary Gilbert, with Picor, represented the landlord in the transaction.
Pasta La Vista To Go LLC leased 3,047 square feet at 2425 N. Tucson Blvd. from The Neihart Corp. Inc. Andy Seleznov, with Picor, represented the landlord.
Step By Step Counseling LLC and Daily Hope Healthcare Services LLC leased 1,198 square feet at 100-150 N. Tucson Blvd. from Eria LLC. Ryan McGregor, with Picor, represented the landlord.
For Star subscribers: As rent prices continue to rise in Tucson and the country, officials struggle to get landlords to bite on affordable housing incentives.
For Star subscribers: After closing for good last month, the former Tucson Greyhound Park has sold for $9 million.
For Star subscribers: Southern New Hampshire University said its employees preferred to remain remote, rendering the office in downtown Tucson unnecessary.
For Star subscribers: Black Rock Coffee Bar opened its first Tucson location in October. Now work is underway on a fourth and fifth location.
Information for Tucson Real Estate is compiled from records at the Pima County Recorder’s Office and from brokers. Send information to Gabriela Rico, [email protected]