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Tucson Real Estate: Interest in apartment complexes shows no signs of waning
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Tucson Real Estate

Tucson Real Estate: Interest in apartment complexes shows no signs of waning

More Tucson apartment complexes have recently been snapped up by investors.

Marcus & Millichap brokered the sale of the 89-unit Sixth Avenue Suites at 3020 S. Sixth Ave. for $3.3 million and the 107-unit Tuscany apartments at 4399 E. Pima St. for $6.5 million.

Hamid Panahi and James Crawley, investment specialists in Marcus & Millichap’s Tucson office, handled the sales.

CBRE brokered the sale of the 290-unit Silverbell Springs Apartments at 7759 N. Silverbell Road for $50.2 million and The Springs at Continental Ranch, a 196-unit complex at 7901 N. Cortaro Road, for $37.2 million.

CBRE’s Tyler Anderson, Asher Gunter and Jeff Casper represented both sellers.

Upward pressure on the Tucson area’s rental prices are keeping investor interest strong as new construction of multifamily units have been slow to come online.

“Strong multifamily fundamentals in Tucson continue to attract investors to the market,” said Casper.

“The region’s expanding employment base and affordable quality of life are creating robust demand for multifamily housing.”

According to CBRE Research, year-over-year multifamily rent growth in Tucson increased 6.9% in the third quarter of 2019 — the third strongest growth of all metros in the United States.

Other recent commercial transactions include:

A 3,986-square-foot office building at 5102 E. Pima St.

  • sold for $450,000. Jon O’Shea, of Vast Commercial Real Estate Solutions, represented the seller. Alexandra Siegal and the buyer, Other One LLC, were represented by Andrew Sternberg, of NAI Horizon.
  • A 2,975-square-foot office building at

6436 E. Broadway

  • sold for $383,000. Jon O’Shea, of Vast Commercial Real Estate Solutions, represented the seller, Capital Source Financial LLC. Kristy Kelley and Edye Riharb, of Long Realty Co., represented the buyer.
  • Sundt Construction Inc. leased 3,300 square feet of industrial space at Ruthrauff Commerce Center,

2450 W. Ruthrauff Road

  • , from Presson Scottsdale LLC. Robert C. Glaser and Max Fisher, with Picor, represented the landlord and Picor’s Paul Hooker represented the tenant.
  • Floor Polish Dance

Studio leased 2,914 square feet of industrial space, at

930 N. Stone Ave.

  • from Thomas Tucker. Paul Hooker, with Picor, represented the landlord.
  • AmCap Mortgage Ltd. leased 1,867 square feet of office space at

7426 N. La Cholla Blvd.

  • from AMCCA Properties LLC. Ryan McGregor, with Picor, represented the landlord and Bruce Suppes, with CBRE, represented the tenant.
  • Artisan Salon leased 1,246 square feet in Crossroads East Shopping Center,

4951 E. Grant Road

  • , from Machado Living Trust. Dave Hammack, with Picor, represented the landlord.
  • Next Gen Automotive LLC leased 1,236 square feet in 29th Street Business Park,

4901 E. 29th St.

  • , from Presson Corp. Robert C. Glaser and Paul Hooker, with Picor, handled the transaction.

Information for Tucson Real Estate is compiled from records at the Pima County Recorder’s Office and from brokers. Send information to Gabriela Rico, grico@tucson.com

Reporter

Gabriela's newspaper career began at the Tucson Citizen in '86 as the "movie-times girl" where she'd call local theaters for showtimes. Since then, she's written about crime, education, immigration, trade and business. She's been with the Star since 2007.

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