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INSIDETUCSONBUSINESS.COM
DEC 17, 2021
REAL ESTATE & CONSTRUCTION
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‘Built-to-Rent’ community planned southeast of Tucson Jeff Gardner
Inside Tucson Business
T
ucson’s real estate market is staying hot, with yearover-year home prices up nearly 20% in certain neighborhoods. This is attracting a variety of investors and developers, with different plans on how to take advantage of the demand. Earlier this month, residential real estate development company Moderne Communities announced a new housing project in Rocking K Ranch southeast of Tucson near Saguaro National Park. The company plans to break ground on “Moderne at Rocking K Ranch” later this month, with leasing planned
for 2023. The project is a “built-to-rent” community, and is currently the only such community within the Vail masterplan. According to Moderne, the community will include 224 single-story, single-family homes and will be situated on 17 acres near the entrance of the community, and across the street from the masterplan’s main park/ amenity area. The neighborhood within the masterplan will also include its own designated resort-style pool, barbecue area and community fitness center. “After the success of our Moderne at Centennial in Las Vegas, which is now 90 percent leased, I am excited to begin building in Arizona,” said Moderne president
Randy Bury in a press release. “To be the only build-torent neighborhood among homes being built and sold by Pulte, Lennar, KB Homes and Richmond American is especially exciting. Rocking K is a beautifully planned community with wonderful nearby amenities.” Rent rates for Moderne at Rocking K Ranch are not currently available. However, the rents at their aforementioned Las Vegas location are a bit higher than average, with a one bed, one bath units at Moderne at Centennial in Las Vegas starting at $1,500, whereas average rent for a one bedroom apartment in Las Vegas is around $1,200.
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Sandario Rd. in Tucson. The investment sale transaction was purchased from DCM Albany Road-East Elvira Development Company, LLC purchased 109,969 LLC, for $2,071,414. Dave square feet of industrial Hammack, Principal, and space at 2650 E. Elvira Retail Specialist with CushRoad in Tucson, from man & Wakefield | PICOR, Holualoa Elvira, LLC for represented DCM Devel$16,200,000. Jesse Blum, opment in this transaction. Industrial Specialist, and Alex Demeroutis with Cush- Sheila Myers-Moore with S A man & Wakefield | PICOR, Moore Realty Services, LLC, represented Zambinc. and Chris Marchildon and BLC Real Estate SubBarry Gabel with CBRE, represented the seller in this sidiary AZ LLC purchased The Conrad Apartments, transaction. a 11,586 square feet multiZambinc, LLC, purfamily investment property chased a single-tenant NNN investment property, located at 301 W. Helen Street in Tucson. The 19 a newly constructed Dollar General, located at 6450 S. unit apartment facility was
SALES
purchased from BRInc Colonial, LLC for $1,950,000. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction. Brinc Dale MHP, LLC, purchased 4,807 square feet of multifamily space located at 3074, 3102, 3106 N. Alvernon Way, and 3101, 3102, 3125, 3130 N. Dale Ave. in Tucson. The investment sale transaction, purchased from Joseph E. Schulte, Jr. for $1,925,00, included the acquisition of three, single-family residences and Dale Mobile Home Park,
