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Jeff Gardner
Inside Tucson Business
Tucson’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 om 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.
“A er 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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SALES
Albany Road-East Elvira LLC purchased 109,969 square feet of industrial space at 2650 E. Elvira Road in Tucson, om Holualoa Elvira, LLC for $16,200,000. Jesse Blum, Industrial Specialist, and Alex Demeroutis with Cushman & Wakefield | PICOR, and Chris Marchildon and Barry Gabel with CBRE, represented the seller in this transaction.
Zambinc, LLC, purchased a single-tenant NNN investment property, a newly constructed Dollar General, located at 6450 S. Sandario Rd. in Tucson. The investment sale transaction was purchased om DCM Development Company, LLC, for $2,071,414. Dave Hammack, Principal, and Retail Specialist with Cushman & Wakefield | PICOR, represented DCM Development in this transaction. Sheila Myers-Moore with S A Moore Realty Services, LLC, represented Zambinc.
BLC Real Estate Subsidiary AZ LLC purchased The Conrad Apartments, a 11,586 square feet multifamily investment property located at 301 W. Helen Street in Tucson. The 19 unit apartment facility was purchased om 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 om Joseph E. Schulte, Jr. for $1,925,00, included the acquisition of three, single-family residences and Dale Mobile Home Park,
