Tucson (No longer used)

The City of Tucson is s wrapping up construction on the Sun Link Streetcar, its largest construction project to-date. 98% of the underground utility upgrades and relocations are complete and 95% of the project has rail installed, according to the latest official updates.

In a $25.65 million deal, an affiliate of Murray, UT – based Bridge Investment Group Partners, LLC, has acquired a 360-unit apartment complex at 951 West Orange Grove in Tucson. The seller, an affiliate of JI Kislak, Inc. of Miami, FL, had owned the property since 2000.

Lennar Homes, a subsidiary of Miami, Fla. – based Lennar Corporation, has expanded its Tucson footprint by acquiring control of 108 finished residential lots in Block 18 at Star Valley, a master planned community off Camino Verde and Los Reales on the southwest side.

The trendlines continue to point to a steady, albeit slow, recovery of the real estate market in the Tucson region. Amidst a series of large-scale developments aimed at strengthening the area’s economy, The Bridges development in South Tucson is moving ahead as planned.

A 5,000-acre master-planned community planned for the southeast fringes of metro Tucson is back on track. Dubbed Rocking “K” Ranch, the property was once an active cattle ranch, and adjoins the 66,947 acre Saguaro National Park East.

Tucson’s multifamily market continues to show signs of improvement mainly due to a steady job growth and an increasing student population in the area. Investor interest in apartment assets remains strong, with larger real estate companies targeting luxury properties, especially developments close to the University of Arizona and major employment hubs.

The 135-room hotel that developer Scott Stiteler is planning at the intersection of Fifth Avenue and Congress Street misses a final piece to become a reality – a $2.5 million loan that the Rio Nuevo board has been asked to provide.

Accounting for nearly two thirds of new home construction in northwest Pima County, the Tangerine Road corridor has recently become the “place to be” for homebuilders. Not only will the area dominate Tucson’s residential market this year, but it will also attract even more investors and homebuilders in the next years.