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November 13, 2017

Tucson Real Estate: Apartment market still strong lure for investors

Arizona Daily Star

Gabriela Rico

Tucson's multifamily market is maintaining its hot streak as investors continue to snap up properties - a trend that began last year.

Villa Delano Apartments, a 32-unit complex at 123 W. Delano St., has been bought by private Arizona investors for $1.85 million.

The garden-style apartments were built in 1980 near Fort Lowell Road and Stone Avenue.

"The buyer was in search of a stable asset with upside potential," said Lance Parsons, senior vice president with ABI Multifamily who represented the seller along with his team, Jonathan Ibrahim and Ryan Kippes.

"The entire downtown/university submarket has witnessed sustained private and public investment over the last several years," Parsons said. "The buyer hopes to capitalize on this growing trend."

The construction pipeline for new apartments is below average this year, with only four complexes under construction with a total of 402 units and four planned properties with a total of 756 units, ABI data show.

Other transactions:

  • Arizona Estimation and Procurement LLC bought a 4,250-square-foot industrial building at 1110 S. Park Ave. from Utility Underground LLC for $290,000. Brandon Rodgers, with Picor, represented the buyer. Alan Moore, with Chapman Lindsey Commercial Real Estate Services, represented the seller.
  • Port Plastics Inc. leased 12,066 square feet at 2850 E. Valencia Road from 3000 East Valencia LLC. Rob Glaser, with Picor, and Crystal Jutte, with Mohr Partners, represented the tenant. Robert DeLaney, with CBRE, represented the landlord.
  • Bank of the West leased 5,694 square feet of headquarters space at 7225 N. Oracle Road from OPIA LLC. Aaron LaPrise, with Picor, represented the tenant.
    Arizona Kidney Disease & Hypertension LLC leased 3,050 square feet at 5355 E. Grant Road from DAZ5-Grant Road LLC. Rick Kleiner, with Picor, represented the landlord, and Fletcher Perry, with Kidder Mathews LLC, represented the tenant.
  • AZ Parking Lot Maintenance LLC leased 1,500 square feet at 6894 N. Camino Martin from Camino Martin Partners II LLC. Picor's Max Fisher represented the tenant, and Brandon Rodgers, also with Picor, represented the landlord.
  • Top Deck Towers Cards & Games LLC leased 1,200 square feet at 3805 W. River Road from Orange Grove Center LLC. The tenant plans to sell tabletop games and host tabletop gaming. Kevin Volk and Jeramy Price, of Volk Co., represented the landlord.
  • AJ Squared LLC leased 1,136 square feet at 9110 N. Silverbell Road from Shoppes at Continental Ranch LLC to open a Sylvan Learning Center. Kevin Volk, of Volk Co., represented the tenant, and the landlord was represented by Craig Finfrock, of Commercial Retail Advisors.
  • Mibemara Enterprises LLC, doing business as Classy Sweets, leased 800 square feet at 7051 E. Tanque Verde Road. Kevin Volk, of Volk Co., represented the landlord, Sabino-Verde LLC.

For the full story, go to Arizona Daily Star.

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