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Home / Multifamily

PICOR Connect | Trends in Commercial Real Estate

Tucson's Multifamily Market: Growing Demand, Rental Rates, & Construction Projects in Q3

Last updated on November 8th 2023

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[…]

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Tucson's Multifamily Landscape: Q2 Market Insights & Trends

Last updated on August 16th 2023

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[…]

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Double Victory: Don Martin Apartments and The Utah Townhomes Sell for $4.4 Million

Last updated on June 29th 2023

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.

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Three's Company: Triple Success with $7.7 Million in Multi-Family Sales

Last updated on June 21st 2023

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.

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5th Ave Apartments Sells for $1M as Tucson Medical Center Secures Prime Office Space

Last updated on June 12th 2023

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[…]

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Q1 MultiFamily Report Reveals Slower Leasing, Rent Adjustments, and Market Competitiveness

Last updated on May 31st 2023

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[…]

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Why a CRE Advisor is Essential for Your Location Search

Last updated on May 25th 2023

The quest for the ideal business location in Tucson or Southern Arizona is a pivotal journey, one that requires an adept navigator – a Commercial Real Estate (CRE) advisor or broker. Just as every successful voyage calls for a competent captain, every business relocation or expansion necessitates the expertise of a dedicated Tucson commercial real estate partner. Let's delve into the reasons why[…]

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Central Tucson: Olive Tree Apartments and a Medical Office Building Acquired for Over $3M

Last updated on April 5th 2023

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.

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From Apartments to Warehouses: C&W | PICOR Wins with The Beverly on Fifth & Palo Verde Industrial

Last updated on March 1st 2023

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.

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Multifamily Market Slows Down in Q4: Vacancy Rates Increase and Rents Soften

Last updated on February 15th 2023

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). 

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