Casitas at La Mariposa Community acquired 36.77 acres of vacant land in East Tucson for $4.6 million. The property, located along Houghton Road adjacent to the La Mariposa Resort, was purchased from Ruth Chmeik and Fiona Brophy of Castle Pines, Colorado.
The site is slated for development as a 162-unit build-to-rent casita community. Developer Phil Amos, in partnership with Philip Aries and Kirk Saunders of Saunders & Amos, is leading the venture.
Once completed, Casita Village at La Mariposa will feature single-story rental homes designed to integrate with the natural surroundings while meeting the region’s growing demand for affordable and attainable housing. The location offers proximity to parks, trails, and established neighborhoods.
A year and a half ago, Sanders and Amos delivered Casitas Catalina, a $50 million, 194-unit BTR community located at 9125 E Catalina Hwy in Tucson (photo).
Greystar has plans to build a 340-unit apartment complex in Chamblee. The company spent $11.5 million on 7 acres at 5220 Peachtree. Chamblee officials selected the two firms in 2024 to pursue the project that was previously on city land. The Downtown Development Authority was the seller. The Atlanta Business Chronicle reports that Greystar is...
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Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...
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An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...
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