Aerie at Tanque Verde, an 85-unit detached luxury rental community, located at 2495 N Desert Links Drive in Northeast Tucson sold for $12.3 million, setting a new record of $145,000 per unit in the 40+ unit multifamily category. In all fairness, smaller properties have sold for a higher price per unit in the past, and Aerie is not your typical apartment complex, this unique class-A community is a premier single family housing community.
The gated community has free covered parking, Ramada, swimming pool and spa. Unit amenities include granite counter tops, ten foot ceilings, stainless steel kitchen appliances, wood plank vinyl flooring, two-inch horizontal window blinds, and washer and dryer in all the homes. Sophisticated, state-of-the-art floor plans feature a bright, airy atmosphere with large low-E glass windows delivering spectacular mountain views.
The seller, Alta Vista Communities is a joint venture of Karber Holdings (Roger Karber) and Brav Holding Company (Garry Brav) and affiliate of BFL Construction, the contractor for the communities.
The detached homes were built in 2012, after Alta Vista acquired the 6.3 acres of infill property for $1.6 million from the Lewis family that owned it for generations. The community consists of 1, 2 and 3 bedroom single-story rental homes ranging in size from 635 sq. ft. to 1,244 sq. ft., all with private rear yards. Monthly rents range from $819 to $1,195 per month.
The community was reported to be 100% leased at time of sale with some two year lease terms.
Aerie has three other infill rental communities in the Tucson region: Aerie4050 (built 2012) at 4050 W Aerie Drive, Marana, AZ 85741 is now renting with plans to start construction across the street from this project on Aerie Drive. Aerie1000 at 1000 W River Road, Tucson, AZ is under construction for 68-detached homes, and one month away from opening. Aerie Preserve on Orange Grove at 2501 W Orange Grove Rd, Tucson, AZ 85741 is also under construction, with six homes completed at time of publication.
Aerie is also developing in the Phoenix area, at the northeast corner of Alma School and Pecos Road there is a 112-home community, “Aerie at Alma School & Pecos East” is scheduled to open October 2013.
The buyer for Aerie at Tanque Verde is Tanque Verde Holdings, LLC of Santa Barbara, CA (Bart Clemens, Manager) that was coming out of a 1031 exchange and purchased for a hands-free investment.
MEB Management Services of Tucson, with also a Phoenix office, handles the management and leasing for all the Aerie Communities and has been retained by the new owners for Aerie at Tanque Verde.
The transaction was negotiated by Art Wadlund of Hendricks-Berkadia in Tucson for the seller.
Karber can be reached at (520) 977-5456. Brav with BFL can be contacted at (520) 882-4800. Clemens is at (805) 963-0669. Wadlund should be reached at (520) 299-7200. MEB can be contacted at (520) 620-1640 for rental information at any of the Aerie communities.
Login in for additional sale information.