Alta Vista Communities Sabino-River East, LLC an affiliate of Alta Vista Communities of Tucson and Aerie Development (Roger Karber, managing member) closed on 15.1 acres at the northeast corner of Sabino Canyon and Cloud Road for $4.75 million ($7.22 PSF).
The seller Sabino Canyon Road Properties, LLC of Tucson (Bob Gugino, managing member) owned the property for 35 years and had it rezoned from SR to CR-4 on May 6th after rezoning the west corner last July that was also purchased by Alt Vista Communities.
The zoning of this last large parcel along Sabino Canyon met with neighbor’s angst who had grown accustomed to having the open desert space.
The buyer, a local builder of luxury rental homes with a record of having his homes occupied before being finished, had the full support of the County after having reduced the number of homes to 130 (11 RAC).
This will be Alta Vista’s fifth community in 3-years.
Mike Ebert of Trident Commercial representing the builder in the rezoning process had this to say, “Most neighbors understood that SR is tentative zoning intended to be zoned something else in the future. The builder and the adjoining neighbors all gave a little to make the project work for everyone.” Reduced to 130-homes on the eastside and 53-homes on the west was a contingency for zoning.
Karber told us the plan is to have all 3-bedroom, detached units with 2-car garages on the east. The west property will still be a mix of half 2-bedrooms and 3-bedrooms, ranging in size from 965 to 1,244-square-feet. Upgrades to the luxury rental homes include modified elevations as found in Rancho Vistoso, a walled system that includes cut face block walls, as well as the Aerie signature amenities such as granite counter tops, ten foot ceilings, and stainless steel kitchens. Homes will all have private yards and include an extended covered porch in back of each home. Another upgrade to the common area will be a larger than normal community pool and spa as found in one other Aerie community of Chandler, Arizona.
Karber said, “We’re ready to break ground any time, pulling permits as we speak. We waited to start both projects together so both will be coming out of the ground at about the same time. The upgrades we’ve made to our product are appropriate for the upscale community and environment being in route to the Sabino Canyon Recreation area nearby. We are excited about the modified styles and elevations for this beautiful community.”
Mike Carlier and Jim Vincent of the Carlier Company in Tucson represented the seller and Mike Ebert of Trident Commercial Real Estate in Tucson represented the buyer.
Karber can be reached at (520) 977-5456. Carlier and Vincent are at (520) 529-3800. Ebert should be contacted at (520) 320-9311, for more information.
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[mepr-show rules="58038"]Sale date: 5/30/2014. Sale Price: $4,750,000. All cash deal. Escrow: one year. Marketing time: N/Ap[/mepr-show]