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Radium Investments Buys Apartment Community from HSL Properties for $8.1M

11 Jun 2014, 7:24 pm

By Balazs Szekely, Associate Editor

HSL Properties sold the 160-unit multifamily property located at 7424 East Speedway Boulevard in Tucson to Radium Investments I L.L.C. The buyer is a recently established entity led by Jim and Kevin Szymanski of James Associates Management Equity Services.

Legacy Capital Advisors financed the$8.1 million ($50,625/unit) sale of the community. Based in Phoenix, the firm specializes in providing capital advisory services to the commercial real estate industry including debt, equity, structured finance and loan modification services. The company also has a long-standing relationship with James Associates which has been active in both Phoenix and Tucson apartment ownership and management. Arranged by Jim Pierson and Keaton Merrell, Legacy Capital secured $6,100,000 in Freddie Mac permanent financing. The deal was brokered by Art Wadlund and Clint Wadlund of Hendricks Berkadia.

“Kevin and Jim Szymanski had a tight time frame on the Posada Del Rio acquisition,” said Jim Pierson, principal at Legacy Capital Advisors. He added that the company succeeded in securing the loan for the buyers in 45 business days, according to a written announcement published by AZRE Magazine.

Built in 1980, Posada Del Rio is a gated community with around 99,280 square feet that offers four floor plans. Each unit features a washer and dryer, wood burning fireplaces, spacious bedrooms and walk-in closets. Just moments from retail stores, restaurants and entertainment, the property also has several community amenities to offer, such as a free covered parking, modern fitness center, a swimming pool and a spa.

Photo credits: Posada Del Rio Apartments via Facebook

FirstService Residential to Provide HOA Management for Hill Farm

5 Jun 2014, 2:12 am

By Balazs Szekely, Associate Editor

The Hill Farm community in northeast Tucson has recently selected FirstService Residential to provide HOA management services for the Hill Farm Homeowners Association.

A subsidiary of FirstService Corp., FirstService Residential is one of North America’s leading property management companies overseeing more than 6,500 residential and commercial associations in 21 U.S. states and three provinces in Canada. Its portfolio includes over 1.5 million residential units and over 50 million square feet of commercial space. Ranking Arizona has selected FirstService Residential as Arizona’s top choice of HOA management companies for eight consecutive years.

“FirstService Residential is honored to now be a part of this local Tucson treasure and to provide this historic landmark with the backing needed to preserve its’ past while moving forward into the future,” said Jason Proudfit, president of FirstService Residential’s Arizona operations.

Established in 1981, Hill Farm comprises 104 homes and sits next to a two-and-a-half acre lake, offering a unique waterfront experience. Located near the Fort Lowell Historic District, the community is bordered by East Fort Lowell Road to the south, and the Rillito River to the north. Besides the historic Hill Farm House, originally designed for Dr. and Mrs. Donald Hill by architect Josias Joesler and now serving as a clubhouse, Hill Farm offers residents several amenities including a swimming pool, spa, and volleyball court. The neighborhood grants quick access to some of Tucson’s premier restaurants, shopping, attractions, schools and the University of Arizona.

FirstService Residential assumed management responsibilities on June 1.

Photo credits: Hill Farm HOA

Ground Broken on Pima Mine Road Solar Generating Facility

28 May 2014, 9:50 pm

By Balazs Szekely, Associate Editor

Construction has started on the Pima Mine Road Solar Generating Facility. The developer, Avalon Solar Partners LLC, recently hosted a groundbreaking ceremony marking the mid-May beginning of the site works.

Avalon Solar Partners is a subsidiary of Washington, D.C.-based Equator Solar LLC, which develops, owns and operates a portfolio of solar projects totaling over 400 megawatts located in the South West United States, Central America and Thailand.

Also known as Avalon Solar Project, the Arizona solar plant is being built at 915 East Pima Mine Road, about 12 miles south of Tucson, near Sahuarita. Tucson Electric Power will purchase the electricity generated at the 35 megawatt photovoltaic facility under terms of a 20-year Power Purchase Agreement. Being the second-largest investor-owned solar utility in Arizona, the plant will generate enough electricity to power north of 7,000 households, according to Equator Solar’s publication.

The facility is being hosted by Asarco on a 500-acre land under a long-term lease. The collaboration among the copper mining company, TEP and Equator was born out of an Environmental Protection Agency program that facilitates the reuse of disturbed lands such as mine sites for green energy projects. The solar farm will also help TEP achieve the state mandate that 15 percent of its power production come from renewable sources by 2025.

The facility is planned to be operational by the end of the current year. Construction of the array will bring around 300 temporary jobs. Four permanent positions will be created for maintenance and security of the system. Over $4 million in property tax revenue should be generated for Pima County over the life of the project, and an estimated $235,000 in county sales tax revenue during the facility’s construction.

The construction itself is expected to cost $100 million, Inside Tucson Business reports.

Photo credits: Citizenmj via Wikimedia Commons

Business Property Trust Picks Up Broadway SelfStorage for $1.1M

21 May 2014, 9:49 pm

By Balazs Szekely, Associate Editor

Tucson’s Broadway Self Storage changed hands recently, a trade publication reports. A limited liability company paid $1.1 million to acquire the facility from Broadway Wilmot Self Storage L.L.C.

The buyer is associated with a Portland-based business-property trust, and the company that sold the property is owned by a Tucson investor. The seller was represented by Jeff Gorden, vice president of brokerage services for Eagle Commercial Realty Services, a commercial real estate property-management and brokerage firm serving Arizona and Texas. Bill Alter and Denise Nunez of  Rein & Grossoehme Commercial Real Estate spoke for the Portland firm in the transaction. The company is focused on the sale of investment properties and retail, office and industrial leasing. The acquisition of Broadway Self Storage was Rein & Grossoehme’s  130th self-storage closing since its inception in 1993.

Also known as Smart Bargain Storage, the facility is located at 6444 E. Broadway Boulevard in Tucson’s southeastern residential submarket, right next to Park Palace Mall. Built in 1985, the property was originally used as a health club for 22 years. It was converted to a three-story self-storage facility in 2007 and it now includes 30,000 square feet of storage space and 482 climate-controlled units.

According to a press release, occupancy of the building was 60 percent at the time of the closing.

Photo credits: Google Maps


Luxury Casitas Come to Sabino Canyon

14 May 2014, 4:38 pm

By Balazs Szekely, Associate Editor

The Pima County Board of Supervisors recently voted to approve re-zoning for construction of a luxury-style apartment property consisting of 130 casitas on Tucson’s east side. The 15.1-acre parcel is on Sabino Canyon Road. Sabino Canyon Road Properties will develop the project which will include three-bedroom luxury rental units located between Cloud Road and East River Road.

The original plans were scaled back because the project has been a source of controversy for neighbors: 130 homes will be built instead of the originally proposed 169 rental units, as a result of pressure from nearby residents who are concerned about the development density, increased traffic and water availability issues. The Pima County Planning and Zoning Commission also opposed the rezoning, Arizona Daily Star reports; however, it changed sides along with many people living in the area after Sabino Canyon Road Properties arranged a meeting with a nearby neighborhood association and submitted its compromises.

Supervisor Ally Miller was the only voter on the five-person board who opposed the project. She disapproved, saying that county officials and board members did not receive updated information on the project in time, and they didn’t have adequate time to review the materials before deciding to accept the proposal, according to the Daily Star. The county received more than 660 letters from residents in protest of the development and more than 530 signatures in support of the project.

Field work is expected to begin at the end of summer.

Photo credits: Google Maps