Home News Apartments in Tucson’s Catalina Foothills sell for $178 million | Subscriber

Apartments in Tucson’s Catalina Foothills sell for $178 million | Subscriber

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It is for the record book.

The 826-unit apartment complex in Tucson’s Catalina Foothills has raised $ 178 million, more than $ 215,000 per unit.

“Hilands provides buyers with a great opportunity to add value through a programmatic interior remodeling program,” said Hamid Panahi, Senior Vice President of Institutional Property Advisors. “Under 25 years of previous ownership, the property is supported by 96.95% of submarket apartment vacancy rates and a median annual household income of $ 93,000 (in the region).”

Panahi and colleagues Clint Wadlund, Art Wadlund, Steve Gebing and Cliff David processed the sale on behalf of seller Northland Investment Corp. and buyer Bridge Investment Group.

“In the submarket, due to the lack of supply of new single-family homes and apartments, and the low rent-to-income ratio compared to other western metropolitan areas,” Clint Waddlund said. Rental demand is expected to remain strong. “

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At the corner of the river and Claycroft road, Hills is home to 41 buildings, a fitness center and two tennis courts.

The average apartment size is 557 square feet. Current rents range from about $ 800 for studios to $ 1,500 for two-bedroom units.

Rent rise It continued to attract investors to the Tucson market, raising the average price to $ 135,000 per unit last year.

Other local real estate transactions include:

  • Valencia Southpointe Partners LLC, an affiliate of Larsen Baker, has purchased a 5.6 acre lot on 6900 E. Valencia Road for $ 600,000, developing into a combination of corner retail and industrial / flex space. The buyer was represented by broker Isaac Figueroa. The seller, PF Global Property Tucson Inc., was represented by Alan Moore and Nick Travassos along with Chapman Lindsey.
  • Skechers USALLC has 6,500 square feet Tucson spectrum Tucson Shopping Center A shopping center on the southwest corner of LLC’s Interstate Highway 19 and Irvineton Road. Picor’s Greg Furrier and Cushman & Wakefield Los Angeles’ Leslie Mayer represented the tenants.
  • The Center for Life Skills Development LLC has further expanded its lease with Spirits LP by 1,325 square feet to secure a total of 5,837 square feet of office space on 3131 N. Country Club Road. Ryan McGregor and Molly Mary Gilbert, along with Picole, represented the landlord in this transaction.
  • Pasta La Vista Togo LLC has leased 3,047 square feet at 2425 N. Tucson Blvd. Andy Seleznov of Neihart Corp. Inc. represented the landlord with Picor.
  • Step-by-Step Counseling LLC and Daily Hope Healthcare Services LLC have leased 1,198 square feet at 100-150 N. Tucson Blvd. From Area LLC. Ryan McGregor represented the landlord with Picole.

For Star subscribers: As rents continue to rise in Tucson and the country, authorities are struggling to get landlords into affordable housing incentives.

For Star subscribers: After closing last month, the former Tucson Rayhound Park sold for $ 9 million.

For Star subscribers: Southern New Hampshire University said it wants its employees to stay remote and eliminate the need for offices in downtown Tucson.

For Star subscribers: The Black Rock Coffee Bar opened its first Tucson location in October. Work is currently underway in the 4th and 5th locations.

Tucson Real Estate information is edited from Pima County Recorders Office records and brokers. Send information to Gabriela Rico. [email protected]

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