Seattle investors have bought three multifamily complexes in central Tucson, including one with vacant land for future development.
The Villa El Con Casitas property in the Miramonte Neighborhood sold as part of a 3-property portfolio to Seattle investors.
IPM Investments bought the 150-unit Royal El Con, 3660 E. Third St. and the nine- unit Villa El Con Casitas, 3665-3681 E. Fourth Street, both in the Miramonte Neighborhood. It also bought Royal Palms Apartments, a 136-unit complex at 5201 E. Second St., near East Speedway and North Rosemont Boulevard.
The Royal El Con apartments in the Miramonte Neighborhood sold as part of a 3-property portfolio to Seattle investors.
The Villa El Con property includes a 2.8-acre vacant site zoned for multifamily development.
The portfolio, developed in the 1960s, sold for $16 million. Jeff Casper, with CBRE Tucson, represented the seller, Desert Ventures LLC.
The Royal Palms Apartments sold as part of a 3-property portfolio to Seattle investors.
“We are excited to acquire these opportunistic multifamily communities for our expanding portfolio, and we look forward to adding value to the properties for our residents and investors alike,” said IPM Investments founder Frank Hornung. “Tucson has excellent underlying multifamily fundamentals, and we are bullish on the region’s future growth.”
Other local commercial activity includes:
- La Madera Casitas LLC bought La Madera Apartments, an 8-unit complex at 3001-3015 E. La Madera Drive, from Madera Group for $1 million. Allan
- Mendelsberg and Joey Martinez, with Picor, represented both parties.
- Boot Barn Western and Work Wear leased 20,175 square feet at Madera Marketplace, 18680 S. Nogales Hwy., from TNG Green Valley LP. Dave Hammack and Aaron LaPrise, with Picor, represented the landlord. Todd Folger, with CBRE Phoenix, represented the tenant.
- TVI Inc., dba Green Drop, leased two new Tucson spaces to accept donated items for its nonprofit partners. The organization leased 1,208 square feet at the Tucson Place Shopping Center, 405 E. Wetmore Road and 2,135 square feet at 6383 E. Grant Road. The landlord, Larsen Baker, was represented by its broker Isaac Figueroa and Trent McCullough, with LevRose, represented the tenant.
- Color Me Mine, a ceramics paint shop, leased 1,750 square feet of retail space at Oracle Wetmore Shopping Center, 4386 N. Oracle Road, from Acacia-Tucson LLC. Aaron LaPrise, with Picor, represented the landlord and Richard Aries, with
- ESR Commercial, represented the tenant.
- Morales Holdings LLC, dba Hello Sugar, leased 1,620 square feet at The Plaza at Williams Centre, 5420 E Broadway. Hello Sugar offers hair removal services. The landlord, Larsen Baker, was represented by its broker Isaac Figueroa and Rhiannon Buono,
- of Morrow Hill, represented the tenant.
- Avanzar Wellness, which provides mental health services to first responders, leased 1,393 square feet at Mesquite Corporate Center, 1650 E. River Road, from Mesquite Properties LLC. Molly Mary Gilbert, with Picor, represented the tenant and David Montijo, with CBRE Tucson, represented the landlord.
