Avilla Preserve Sells for $27.6 Million to California Investor
Tucson, AZ – Avilla Preserve Orange Grove at 2501 West Orange Grove Road, Tucson sold for $27.6 million ($150,000 per unit). The 184-units feature 1, 2 and 3-bedroom luxury rental homes in this gated community with a large, heated pool and jacuzzi.
Built in 2013, all the beautiful homes have spacious floor plans with 10 foot ceilings and come with stainless steel appliances, full sized washer & dryer, granite counters, private backyards and more.
The seller, Alta Vista Communities is a joint venture of Karber Holdings (Roger Karber) and Brav Holding Company (Garry Brav) an affiliate of BFL Construction, the contractor for the communities.
Karber and partners in Aerie Development recently closed on the purchase of the tallest building downtown Tucson building, the 22-story One South Church Street. See full story here: Tucson-based Aerie Development Acquires One South Church for $32 Million. With this second transaction, the company has completed nearly $60 million in real estate transactions in Tucson this week.
The buyer is a Santa Barbara, California company, M3 Multifamily, LLC. Formed in 2008 by John Mosby and Jon Martin for the purpose of acquiring, renovating and managing existing apartment communities in the United States in order to create cash flow and profits from sale for their investors.
Since then M3 has grown steadily, and currently owns/manages communities in Austin, San Antonio, Nashville, Reno, and Tucson totaling 1,394 units. This is the second property M3 Multifamily has purchased in Tucson from the same seller. It also bought Aerie at Tanque Verde, an 85-unit detached luxury rental community, located at 2495 N Desert Links Drive in Northeast Tucson in 2013.
Art Wadlund with Berkadia Real Estate Investors in Tucson represented the seller in both transactions.
For additional information Wadlund can be reached at 520.299.7200.
To learn more see RED Comp #3329.