TUCSON, ARIZONA – Aerie Development affiliate, Aerie Northwest, paid $3.7 million for 12.7-acres at 2050 W Oracle Jaynes Station Road for its latest luxury multifamily project. Located at La Cholla and Oracle Jayne Station, the property is adjacent to The Fountains at La Cholla.
Aerie Development (Roger Karber, manager) took over an existing escrow between M3 Engineering and Technology and Rhodock Holdings (Allen Murdock, principal) to acquire the TR-Zoned property.
Karber estimated the site would be able to accommodate roughly 130-units after taking into account the hills and washes. Plans are to construct 2-story, 8-plexes, with 10 ft ceilings, and plenty of windows, balconies and oversized patios to take advantage of those views.
The new apartment homes will be similar to Pima Canyon Apartment Homes, also developed by Aerie from 2017-2018 with 240-units at 750 West Orange Grove Road. Pima Canyon was sold in 2019 to investors.
Aerie Northwest will be equally luxurious with all the Aerie style amenities.
Improving multifamily property fundamentals have contributed to a healthy pace of transaction activity in the Tucson market for the past several years, and the investment market gained momentum again during the fourth quarter. More properties traded at higher prices in the 4th quarter, as investors have become more aggressive, and competition for assets intensified. While a few newer properties have changed hands in recent months, the bulk of the sales activity has been occurring in late 1980s- and 1990s-vintage, Class B properties. The median price in these types of properties (40+ units) has reached nearly $179,000 per unit, up from less than $159,000 per unit in Q3 2021.
To learn more, see RED Comp 9430.