The Tucson real estate scene in terms of apartments and other community housing options is seeing a massive boom as investors are running in to pour money in the area. Inundated with a market of folks who are looking to buy, especially in community living spaces, Tucson has become one of the most investable real estate markets in the area. The best part? Most of the investors are-of-town individuals or companies, which means that there is a boost to the local economy from investment monies pouring in.
Investors Buying Land, Retail Space, Apartment Complexes, and Industrial Space
One of the biggest projects that have been sold is Casas Adobes, a predominantly 1 and 2 bedroom studio apartment complex with 240 units built in 1978. The complex has a 95% occupancy rate and was acquired by a Colorado Based firm, GR Capital Partners, for 11.7 million dollars. Though this is the largest sale in terms of a dollar amount, other sales are also present for everything from industrial property to land.
A 5000 square foot industrial property was purchased by Scott ad Shirley C. Scott for $200,000. A 3,200 square foot industrial plot was also purchased by the Steven Huettner and Brenda P. Huettner Revocable Living Trust for $200,000.
In terms of land, a 2.47 acre plot was purchased by Groome Properties IV LLC for $570,000. All these purchases indicate extensive development work that might begin in the area shortly. In terms of retail, The Station bought a 3,487 square foot space for $200,000.
Investment in Leases Rising
Leases are also booming in the area, with more businesses, corporate entities and other professional services moving in and occupying prime space. A 4,520 square foot space was leased by First Financial Equity Corp. at La Paloma Corporate Centre, an emerging business hub.
Rug Warehouse picked up a lease for a 2,320 square foot space in Winterhaven Square.
A larger space, approximately 4,487 square feet, was leased by Priority Auto and Tire Center LLC on East Grant Road.
Medical services are also moving into the area, with Tucson Medical Park leasing more space to get the medical park to 100% occupancy to Southwest Orthopaedic Surgery and Bayada Home Health Care.
Tender Loving Health Care Services Western LLC jumped on the medical leasing bandwagon and leased around 3,700 square feet on East Ericson Drive.
With so much investment pouring into the area through sales and leases, Tucson is looking at some major monies coming into its local real-estate market.
Tucson Real Estate Boom Investors Buy Land, Apartments, Industrial Sites, Retail Space and Lease Properties