Tucson Real Estate: Apartment market still strong lure for investors

Wednesday, 15 November 2017, 05:12:44 AM. Investors continue to snatch up existing apartment complexes.
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,...Read more
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