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Property Management Company Renters Warehouse Signs Franchise in Tucson

16 Jul 2014, 10:37 pm

By Balazs Szekely, Associate Editor

Renters Warehouse USA has recently signed four new franchises, one of which will operate in Tucson. This is the company’s second agency in the Grand Canyon State. Renters Warehouse Arizona has been active in Phoenix since the inception of the parent company.

Founded in 2004 by Brenton Hayden, Renters Warehouse is a property management company based in Minnesota and with operations in Texas, Colorado, Georgia, Tennessee, Maryland and Arizona. The company’s Professional Landlords team is a group of management professionals who help property owners rent or manage their residential real estate. According to its website, the firm was named the largest and fastest growing property management company in Minnesota by Inc. Magazine, as well as one of the “Best Places to Work” by Minneapolis St Paul Business Journal in two consecutive years.

Renters Warehouse’s Phoenix management portfolio has recently exceeded the milestone of 1,000 properties thanks to the joint efforts of Kevin Ortner and Donovan Reese, the franchisees of the agency. Executives of the parent company expect this momentum to be useful when launching the Tucson office too. “We are very proud of all the new franchisees, but Tucson is special as owners Kevin Ortner and Donovan Reese have built a team that has been with us since the beginning of Renters Warehouse,” added President Ron Wright.

Further franchises are coming soon to Texas, Iowa and Wisconsin as well. Michael Park will lead the office in the Frisco Area in North Dallas, whilst Brad Neal and Chris Harlan will represent the brand in Des Moines, Iowa.  Tom Didier and Andrew Noegel take ownership in Milwaukee, Wis.

Photo credits: Renters Warehouse USA

Colliers Brokers $5.68M Sale of Class B Apartments by Blue Valley

11 Jul 2014, 7:56 pm

By Balazs Szekely, Associate Editor

Blue Valley Apartments Inc. of West Palm Beach, Fla. recently sold Villas at Roger Road to Equilibrium Villas L.L.C. of Washington, D.C.

The transaction brokered by Colliers HSK Multifamily was worth $5.68 million, at $24,500 per unit.  Colliers International in Greater Phoenix announced that Senior Vice Presidents Bill Hahn, Jeffrey Sherman and Trevor Koskovich represented both parties.

Colliers HSK Multifamily is positioned within the marketplace as a service-intensive operation serving the private and institutional capital markets with Hahn, Sherman and Koskovich specializing in the sale of multifamily investment real estate. According to the group’s website, it has achieved the highest market share of sales of B- and C-quality multifamily assets in Arizona, using Colliers International’s resources to assist in the placement of debt, investment sales and appraisal services.

Sherman is confident about the community’s future on the Tucson market. “Villas at Roger Road presented an excellent opportunity to acquire an investment asset that could quickly appreciate through property repairs and the continued stabilization of income,” he said in a recent statement to the media.

Built in 1984, the 232-unit Class-B gated apartment complex is located at 3985 North Stone Avenue. It includes 88 one-bedroom and 144 two-bedroom/one-bathroom apartments that range in size from 500 to 750 square feet. The air-conditioned units are cable ready, equipped with appliances, and include balconies and oversized closets. The pet-friendly community offers sports courts, swimming pool, laundry facility, covered parking and a clubhouse.

MEB Management Services manages the property.

Photo credits: Villas at Roger Road

Revolution Places Joint Ventures with KSL Capital to Expand Miraval Resort & Spa Internationally

2 Jul 2014, 3:22 pm

By Balazs Szekely, Associate Editor

A joint venture was formed recently between real estate investors Revolution Places and KSL Capital Partners LLC. The firms announced an agreement to take ownership of Miraval Resort & Spa and to expand the wellness luxury spa from its current Tucson location to new destinations in the U.S., Europe, etc. No financial terms were disclosed.

Revolution Places, the original owner of the facility, is a division of Revolution LLC that invests mainly in differentiated properties with long-term development potential. The parent company is a Washington, D.C.-based investment firm founded in 2005, involved in the acquisition of branded, lifestyle hospitality companies that offer the possibility of growth. KSL, which partnered with Revolution Places, is a private equity firm investing in hospitality, recreation, clubs, real estate and travel services. The company has offices in Denver; Stamford, Conn. , and London, England.

Located at Vía Estancia Miraval, off Lago del Oro Parkway in Catalina, Miraval Resort & Spa is situated in the high Sonoran Desert at the base of the Santa Catalina Mountains, on 400 acres of land with panoramic views. A top-rated all-inclusive wellness luxury spa resort, Miraval offers casita-style guest accommodations, luxurious spa treatments, healthy meals, as well as an expert staff of renowned wellbeing specialists. It has been consistently ranked as one of the world’s top destination spas by Travel + Leisure, SpaFinder and Condé Nast Traveler over the past 19 years.

Photo credits: Miraval Resort & Spa

Three Multifamily Communities Coming Soon to Tucson-Area

25 Jun 2014, 9:48 pm

By Balazs Szekely, Associate Editor

The Estates at Madera Highlands, Westview Point and Sycamore are three master planned properties to keep tabs on over the second half of the year.

Richmond American Homes of Arizona, a subsidiary of M.D.C. Holdings, Inc. recently purchased the lands located in Sahuarita, Tucson and Vail. The company proposed to finish all site works and have the communities open within the next four months.

The Estates at Madera Highlands in Sahuarita will offer four ranch-style floor plans of 3,250 to 4,000 square feet, with up to five bedrooms. Surrounded by a landscape of desert and mountains, the gated community will feature 56 semi-custom, acre-sized lots backing to open space. With prices starting from the mid $300,000s, the individual units come with tile flooring, gourmet kitchens, maple cabinets and granite countertops. The homes are expected to be ready by October.

The 114 home sites at Westview Point in southwest Tucson will offer six ranch-style and two-story floor plans, up to six bedrooms on 1,750 to 3,000 square feet. Scheduled to open in September, the residences will be priced starting from the upper $100,000s. The location grants convenient routes to schools, shopping, dining and recreation, as well as to Interstate 10.

Slated to open in July, Sycamore Canyon in Vail will offer 49 home sites. Residents will have six ranch-style floor plans to choose from, all of them including features such as tile flooring, upgraded maple cabinetry, granite countertops, low-e vinyl windows. Located at the base of Santa Rita Mountains, Sycamore Canyon will offer units starting from the mid $200,000s.

Image of ranch-style home, courtesy of Richmond American Homes

Village Inn to Open Restaurant in Marana

18 Jun 2014, 8:41 pm

By Balazs Szekely, Associate Editor

Village Inn announced the addition of a new location in Marana’s Arizona Pavilions shopping center. The franchise is already well known in Tucson, currently operating three other restaurants in the area.

Village Inn has been around since 1958. With almost six decades of experience behind it, the company has corporate and franchise restaurants totaling more than 200 locations in the Rocky Mountain region, the Midwest, Arizona and Florida. The restaurant chain has previously brought three other locations to the area, one at the corner of 22nd Street and Old Spanish Trail, one on Oracle Road just south of Orange Grove and one on Speedway between Columbus and Alvernon.

“We are very happy that Tucson residents will soon have another convenient Village Inn location where they can enjoy breakfast all day long,” said Jeff Guido, president of Village Inn, in a recent press statement. According to Inside Tucson Business, the new restaurant will be located at 5955 West Arizona Pavilions Drive in Marana. Construction commenced last week, and the new Village Inn is expected to open in October 2014.

Photo credits: Village Inn

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