By Karen Schutte | Real Estate Daily News
TUCSON, ARIZONA — An affiliate of Cottonwood Properties (David Mehl, president), DM Phase IV Investment, LLC, purchased 237.27 acres of vacant land at 11800 E. Valencia Rd. in Tucson. The industrial land parcel, situated on Valencia Rd. at the Pantano Wash, was purchased from California Portland Cement Company for $1,000,000 ($.10 PSF) and has been rezoned to R-2 while in escrow.
The buyer’s preliminary plat is for 615 multifamily units and 398 SFR lots in Phase I; with an additional 135 SFR lots planned in Phase II east of the Pantano Wash.
The community is located near Rocking K Ranch Estates at Valencia and Los Reales Roads.
A Tucson company with all of its interests exclusively in the Tucson area, Cottonwood Properties has developed residential communities, resorts, retail centers, office complexes and apartment communities in excess of $800 million. Primary among them is the La Paloma resort community in the central foothills of Tucson; 800 acres of residential and commercial development surrounding the Westin La Paloma resort hotel.