Sabino Canyon Properties, LLC of Tucson (Bob Gugino, managing member) sold 5.91 acres of vacant land at the southwest corner of Sabino Canyon and River Road to Alta Vista Communities of Tucson (Roger Karber, managing member) for $1.4 million ($5.55 PSF). Members of the joint venture selling the property had owned it for 35-years prior to the sale.
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[mepr-show rules="58038"]The property was approved for zoning from SR to CR-4 on July 2 by the Pima County Board in 5-0 unanimous vote, the final hurtle for a development of a 53-unit detached SFR rental community on this site.
The buyer, Roger Karber, and founder of Aerie Development, a local builder of luxury rental homes told us that the community 'Aerie at Sabino & River' will be exclusively 2- and 3-bedroom homes, ranging in size from 965 to 1,244 sq. ft., and include Aerie’s signature amenities such as elegant granite counter tops, ten foot ceilings, and stainless steel kitchens. All homes have private yards and a community pool and Jacuzzi.
Another Aerie rental community, Aerie at Tanque Verde, recently sold for a record price of $146,000 per unit for a multifamily development. See July 19th story on Aerie Tanque Verde sale here.
Mike Carlier and Jim Vincent of the Carlier Company in Tucson and Mike Ebert of Trident Commercial Real Estate in Tucson handled the transaction for 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. [/mepr-show]
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[ismember]Sale date was 8/12/2013. Exact sale price was $1,428,010, all cash deal. Escrow time was 5-6 months pending rezoning and final plan approval. There was opposition from the neighbors that was overcome after rezoning did not pass in May. Buyer has an additional parcel in escrow nearby that is being replatted from 196-units to 150-units for development services. [/ismember]