The Tucson multifamily market continued to display dynamic trends throughout Q3. The vacancy rate notably grew to 7.76%, marking a significant 1.61% YOY increase. Moreover, the Tucson MSA’s inventory increased measurably by 233 units during this period, indicating a growing demand for housing in the region. On the rental front, monthly gross apartment rents in Tucson climbed to $1,167 per unit or[…]
Tucson’s average multifamily vacancy rate increased 0.60% to 8.09% in Q2 2023, representing a 26.81% increase YOY. The Tucson market’s leasing activity slowed as the new year turned, but toward the end of the first quarter regained velocity. The average gross apartment rent without utilities increased $7 (0.61%) from Q4 2022 to $1,164 per unit/$1.53 per square foot (sf). Of completed transactions[…]
Once again, the Multi-Family team at Cushman & Wakefield | PICOR has secured a spot in our top sales post! We applaud the efforts of Allan Mendelsberg and Joey Martinez, Principals and Multi-Family Specialists, who skillfully represented all parties involved in these transactions.
The Multi-Family team, consisting of Allan Mendelsberg and Joey Martinez, had an exceptional week, marked by three remarkable sales where they represented all parties involved. The properties include Monte Vista Commons, The Compound Luxury Student Housing, and Pima Commons, which collectively accounted for an impressive total of over $7.7 million dollars.
TAD IV Holdings LLC recently acquired the 5th Ave Apartments in Tucson for $1 million, with the expertise of Allan Mendelsberg and Joey Martinez, Principals and Multi-Family Specialists at Cushman & Wakefield | PICOR, while Richard M. Kleiner, MBA, Principal, and Medical/Office Specialist at Cushman & Wakefield | PICOR, successfully negotiated a lease for a medical office on behalf of Tucson[…]
Tucson’s average vacancy rate increased by 0.03% to 7.49% in Q1 2023, representing a 2.64% decrease year-over-year. The Tucson market’s leasing activity slowed as the new year turned, but towards the end of the first quarter picked back up velocity. The average gross apartment rent without utilities increased by $7 (.61%) from Q4 2022 to $1,164 per unit/$1.53 per square foot (sf). Of completed[…]
Cushman & Wakefield | PICOR had a number of sales transactions last week. Among them, two deals stand out in central Tucson that showcase the variety of investment opportunities available in the area.
The top sale this past week at Cushman & Wakefield | PICOR was of The Beverly on Fifth, a residential property in Central Tucson, where our Multifamily Team, Allan Mendelsberg, and Joey Martinez represented both parties in this transaction. The top lease was of industrial space within Southwest Tucson, where Robert C. Glaser, Industrial Specialist, represented the landlord in this transaction.
In the fourth quarter, Tucson saw the average vacancy rate increase 1.20% to 7.46% from the previous quarter, which is also a 3.08% increase year over year (YOY).
The top sale this past week at Cushman & Wakefield | PICOR was of Vine Apartments, an 8-unit investment property located just south of the University of Arizona campus. C&W | PICOR Multifamily Specialists, Allan Mendelsberg, Principal, and Joey Martinez represented both parties in this transaction. The top lease was of an 8,000 square foot (SF) industrial property at 2055 E 17th St, located in[…]