River Road apartment complex sells for record $19.3M

A luxury apartment complex along River Road has sold for a record price. Galeria Del Rio, a 101-unit complex, has been bought by investors for $19.3 million, or $191,000 per unit.

“This is the highest price per unit every paid for conventional market product in Tucson multifamily sales history,” said Justin Lanne, who with Mike Chapman of NAI Horizon brokered the sale. The seller was Tucson-based River Commons LLC and the buyers were Scottsdale investors Rincon Partners LLC and Virginia-based Capital Square 1031.

Galeria Del Rio, at 5132 Prairie Clover Trail, was built in 2014 and consists of three- and four-bedroom units with attached two-car garages. The average unit is about 1,500 square feet.

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Other recent commercial transactions include:

• Perspective Properties LLC bought a 12-unit apartment complex at 3423-3427 E. Flower St. from Cojak Properties LLLP for $400,000. Allan Mendelsberg, with Picor, represented both parties.
• Midtown Mercantile Merchants LLC leased 29,211 square feet at 4441 — 4443 E. Speedway from H & L Speedway Partners LLC. Greg Furrier, with Picor, represented the landlord, and Gary Best, with Keller Williams Southern Arizona, represented the tenant.
• Richard N. Maddox and Lori L. Maddox, dba Speedway Antique Mall, have leased 18,000 square feet at 5045 E. Speedway. Rick Borane represented the landlord, The Spector Revocable Trust, and the tenant was represented by Frank Arrotta, of Tucson Realty & Trust.
• Ling-Bin Lu, dba Joy Buffet, leased 6,000 square feet at 4780 E. Grant Road from C&C Land & Cattle Co. LP LLP. Dave Hammack, of Volk Co., represented the landlord, and Jason Wong, of Red Point Development, represented the tenant.
• KHBA LLC, dba Inverse jiu-jitsu / yoga, leased 2,600 square feet at 60 N. Harrison Road from Dave Grabbert Ranch Inc. Rob Tomlinson and Greg Furrier, with Picor, represented the landlord, and Roger Breckenridge, of Long Realty Co., represented the tenant.
• M.A.V. Roofing LLC leased 2,500 square feet at 3640 S. Campbell Ave. from Strauss Revocable Living Trust. Paul Hooker, with Picor, represented the landlord. Daniel Yang and Chris Tsighis, with Coldwell Banker Residential Brokerage, represented the tenant.
• Thin Ice Inc. leased 1,194 square feet of medical office space at 2830 N. Swan Road from Swan & Glenn LLC. Isaac Figueroa, of Picor, represented the tenant.
• Adrians Barbershops leased 1,170 square feet at 3720 S. Park Ave. from William Lee LLC. Picor’s Ron Zimmerman represented the landlord.
• Simply Sleep Diagnostics Inc. and Homesleeptesting Inc. leased 1,071 square feet at 5930 E. Pima St. from 5930 E. Pima Inc. Jeff Zellet, with Picor, represented the landlord, and Andrew Sternberg, of Oxford Realty Advisors, represented the tenant.
• GSW Telecom LLC leased 930 square feet at 6400 E. Grant Road from La Mirada LLC. Rick Kleiner, with Picor, represented the landlord.