TUCSON, AZ – Aerie Development LLC (Roger Karber, managing member) closed on its Avilla River luxury rental community at 1000 W. River Road in Tucson for $11.4 million ($150,000 per home). Aerie Development’s affiliate, BFL/PAB Construction Inc. completed construction of the 76-home community in August 2013.

The gated rental community is composed of one-, two- and three-bedroom single-story, detached homes with private walled rear yards, ten-foot ceilings, granite counter-tops, security alarms, and stainless steel appliances. It was 100% occupied when it sold.

MEB Management Services of Tucson provided professional management to the property before and after the sale.

The buyer, River Road Apartment Holdings LLC, is a California trust affiliated with the Santa Barbara-based trustee that acquired Aerie Development’s 85-home Avilla Tanque Verde community in 2013, see full story here https://bit.ly/1vCcQll

Art Wadlund of Berkadia Real Estate Advisors in Tucson negotiated the sale on behalf of the seller.

Wells Fargo Bank provided construction financing and arranged a FNMA permanent loan for buyer.

Aerie Development has successfully completed construction of 623 Avilla homes in its four communities, with 446 homes currently under construction, including Avilla San Marcos Two (145-homes, Chandler, AZ), Avilla Marana Two (118-homes, Marana, AZ), and Avilla Sabino (183-homes, Tucson, AZ).

To learn more Wadlund should be contacted at 520.529.9206.

The Pima County Board of Supervisors passed 4-1 Tuesday to approve the zoning for development of a 130 stand-alone rental home project on approximately 15 acres at the northeast corner of Sabino Canyon and Cloud Roads for owner, Sabino Canyon Road Properties, LLC (Bob Gugino, managing member and Vincent J D’Elia of New Jersey). The property is to be sold by Sabino Canyon Properties for development by Alta Vista Communities of Tucson.

Four of the five Supervisors, Carroll, Elias, Bronson and Valadez approved the zoning request after all of Pima County Departments had approved, Pima County Planning and Zoning, Pima County’s Flood Control and the Transportation department approved the 11 RAC development. The property is surrounded by other high density projects.

District 1 Supervisor Ally Miller was the lone vote against the development in her own District. Supervisor Miller motioned to delay the vote on the premise that residents in opposition to the project had not been given enough time to  review the terms of the compromise made between developer and a handful of unnamed residents.

Back in July, the same group, Sabino Canyon Road Properties sold 5.91 acres of vacant land at the southwest corner of Sabino Canyon and River Road to Alta Vista Communities of Tucson 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.

This prior parcel was approved for zoning 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 developer, Aerie Development, is a local builder of luxury rental homes (Roger Karber, managing member). Karber told us that the community ‘Aerie at Sabino & River and Aeire and Sabino and Cloud’ 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 19^th 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.

With the Arizona Republic reporting a “land rush” in metro Phoenix and new home building up 71% in 2012 over 2011, there are indications of recovery underway from the past six year slump.

On February 11, 2013, Alta Vista Communities ASNE, LLC (Roger Karber, manager) paid $2.36 million for 9.61 acres ($5.67 per foot) from Hatcher Plaza, LLC (Michael A Pollack, manager) at the northeast corner of Alma School and Pecos Roads in Chandler, AZ to construct 112-detached rental units ranging in size from about 640 sq. ft to 1,250 sq. ft. Final development costs for the gated community called “Aerie at Alma & Pecos East” is estimated at $14 million and scheduled to begin construction in March for an October 2013 opening, and January 2014 build out.

Shane McCormick of Michael A Pollack Real Estate Investments of Mesa handled the transaction.

Alta Vista Communities ASNE, LLC is a joint venture of Karber Holdings (Roger Karber, principal and founder of Aerie Development), Iridus Holdings (G.F. Jaggi) and Brav Holding Company (Garry Brav, President and Founder of BFL Construction) all from Tucson. BFL will serve as contractor on all the projects. Wells Fargo is handling financing.

Pollack is also holding an additional 13 acres at the northwest corner, where Alta Vista has plans for expansion of an additional 145-detached rental units, that is scheduled to close later this year for $3.08 million.

Alta Vista is looking for more sites in Southeast Phoenix as well as parcels in Northwest Tucson to add to their current five residential projects in various phases of construction.

Aerie at Tanque Verde (build 2012) at 2495 N Desert Links, Dr. Tucson has 85 one-story detached homes on 6.3 acres. Aerie 4050 (built 2012) at 4050 W Aerie Dr., Marana has 150-detached homes on 8.3 acres, and Aerie 1000 at 1000 W River Road, Tucson is under construction with 68-detached homes on 6.6 acres.

Karber can be reached at (520) 977-5456. Pollack is at (480) 888-0888 and McCormick at (480) 968-9618. To reach Brav call (520) 882-4800. To find out more on these Tucson communities, contact Aerie 4050 at (888) 927-8501 and Aerie at Tanque Verde at (888) 927-8512.