While the home selling market cools slightly, Tucson rentals continue to be in hot demand.
In the first three quarters of this year, there has been $435 million worth of purchases for apartment complexes with 50 or more units with an average price per unit of $185,856, data from ABI Multifamily shows.
Thatβs a 27% increase over the same time in 2021.
Recently, investors Break Day Capital bought the 80-unit Dakota Canyon apartments at 6201 E. Pima St. for $9.5 million.
Clint Wadlund, Hamid Panahi and Art Wadlund, with Marcus & Millichap, represented the buyer and the seller, a private investor.
βThe buyer is excited at the opportunity to acquire an asset located four-tenths of a mile from Icon, another one of their assets, and continue to build upon the Icon brand within the Tucson market,β said Clint Wadlund.
Icon Apartment Homes are located at 1475 N. Wilmot Road.
Dakota Canyon was built in 1973 and has one-, two-, and three-bedroom units.
Other local real estate transactions include:
Western American Investments LLC bought an 11,580-square-foot industrial building at Butterfield Business Center, 4775 S. Coach Drive, from DLB Properties LLC, Pamela Boehner, RLB Properties LLC and MTOB LLC for $1.1 million. Paul Hooker and Robert Glaser, with Picor, represented the seller.
Gibraltar Development Partners LLC, a self storage developer based in Phoenix, bought 2.8 acres of land at the southeast corner of Valencia Road and Interstate 10 from Jay Shree Ram Inc. for $810,000. Craig Finfrock, with Commercial Retail Advisors, represented the buyer.
Larissa Holdings LLC bought 3,394 square feet of retail space at 522-526 N. Alvernon Way from Starsys Development Co. for $385,000. Rob Tomlinson, with Picor, represented the seller, and Esther Empens, with Tierra Antigua Realty, represented the buyer.
The University of Arizona leased 5,242 square feet of office space at 715 N. Park Ave., from Campus Christian Center Corp. Molly Mary Gilbert, with Picor, represented the landlord.
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