The $1.87M October sale of a 4.73-acre parcel at 860 E. Irvington Road in Tucson will pave the way for a new 120-unit affordable apartment development.
Lariat Village Propco LP, an affiliate of Lariat Village GP LLC, bought the property at the SWC of Park Avenue and Irvington Road from Park & Irvington Holding Co, LLC. Impact Residential Development represented the buyer. The seller was represented by Jason Wong of Crestline and is managed by Thomas Gee.
Impact Residential Development is also leading pre-development for the new community, which will be known as Lariat Village.
Development filings have been submitted to the City of Tucson Housing and Community Development Department. CDD has issued a Notice of No Significant Impact, as well as an Intent to Request Release of Funds.
Earlier this year, the Pima County Board of Supervisors approved $673K in gap funding for the development.
Plans call for one-, two- and three-bedroom units. Construction is expected to start after design approvals and financing arrangements are completed. Tofel Dent Construction was shown to be involved in the pre-construction coordination, according to a project listing from August.
Impact Residential Development has also purchased an adjoining parcel. The purchase price and planned unit count for that property were not made available. (Source)
