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).
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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The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...
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