TUCSON, ARIZONA – Berkadia’s Art and Clint Wadlund of Tucson represented Gleiberman Investments, Inc. of San Diego (Mark Gleiberman, president) in the sale of two Northwest Tucson apartment communities for $37.43 million and represented Holualoa Properties in an additional three communities totaling $64.5 million.

ComCapp Elevation, LLC a Texas REIT purchased the following Tucson Portfolio:

• Stoneybrook Apartments at 4225 North First Ave. in Tucson, a 411-unit complex, sold for $27 million ($65,693 per unit);
• La Jolla de Tucson at 444 West Orange Grove in Tucson, a 223-unit complex, sold for $15.9 million ($71,300 per unit); and
• Quail Ridge Apartments at 4500 East Sunrise Dr., a 253-unit complex, sold for $21.6 million ($85,375 per unit).

HSL Properties of Tucson (Omar Mireles, president) purchased the following Tucson Portfolio:

• Casa Lindas Apartments at 699 West Magee Road in Oro Valley, a 144-unit complex, sold for $17.65 million ($122,569 per unit); and
• Springhill Apartments at 8030 E Lakeside Parkway in Tucson, a 224-unit complex, sold for $19.775 million ($88,281 per unit).

“We were pleased to be able to purchase the two northwest Tucson properties,” Omar Mireles said. “We had looked at them when the MG Properties and Gleiberman Investments had purchased them in a portfolio along with three other properties that they are also selling.”

All of the properties were at or around 95% occupancy at time of sale. All closings were completed the same day, on June 28^th.

Art and Clint Wadlund with Berkadia in Tucson and Rick Holway and Mark Forrester of Berkadia in Phoenix brokered both portfolios for the sellers. The investors were self-represented.

For additional information, Wadlund should be reached at 520.299.7200.

To learn more, see RED Comps #5956, #5957, #5950, #5951 and #5952.

PHOENIX, ARIZONA – NexMetro Communities partnered with MEB Management Services in 2014 to manage the lease-up and stabilized operations of their Avilla Homes Arizona portfolio. NexMetro recently sold three Arizona communities for $98 million.

Avilla Grace in Chandler, Arizona, a 194-home neighborhood, sold for $45 million; Avilla Heights, also in Chandler, a 116-home neighborhood, sold for $27.84 million; and Avilla Palm Valley in Goodyear, Arizona, a 125-home neighborhood, sold for $25.1 million.

“We are thrilled to be a part of NexMetro’s success with the innovative approach to rental housing,” said Melanie Morrison, Principal at MEB Management Services.

Transaction details:

• Avilla Palm Valley: 4200 N. Falcon Dr., Goodyear; closed June 13; 125 homes, $200,800/door; buyer, New York-based RN Falcon, LLC.
• Avilla Heights: 255 E. Chandler Heights Rd., Chandler; closed June 25; 116 homes; $240,000/door; buyer, single purpose entity formed by California-based The Certe Group.
• Avilla Grace: 2121 N. Grace Blvd., Chandler; closed June 28; 194 homes, $232,000/door; buyer, entity of Illinois-based The Inland Real Estate Group of Companies, Inc.

NexMetro and its affiliated companies have been developing Avilla Homes neighborhoods with great success since 2010. These specialized Class A homes incorporate the perfect blend of a single-family feel with multi-family functionality.

With more than 4,000 homes completed, under construction, or in due diligence, NexMetro’s roots are in Arizona but the company is growing quickly with expansion planned along the entire Sunbelt region of the U.S.

Art Wadlund, Clint Wadlund, Rick Holway and Mark Forrester of Berkadia brokered the deal.

Highest per unit price recorded for non-student housing with 40+ units in the Tucson

TUCSON, ARIZONA – Alta Vista Communities of Tucson, an affiliate of Aerie Development (Roger Karber, manager) sold Avilla I & Avilla II luxury communities on the southeast and southwest corners of River and Sabino Canyon Roads in Tucson for $42.3 million ($231,169 per unit) for the aggregate 183-units. The transaction represents the highest per unit price hit by non-student housing with 40+ units in the Tucson metro area.

Avilla Sabino I (built in 2016) at 3515 N Sabino Canyon Road has 53 two- and three-bedroom unit mix and sold for $11.764 million ($234,925 per unit). Avilla Sabino II (built 2017) at 3500 N Sabino Canyon Road has 130 three-bedroom / two-baths units and sold for $30.54 million ($221,957 per unit). Across the street from each other,
both exclusive gated rental communities are in the heart of breathtaking Sabino Canyon. The homes feature luxury finishes you would expect to find in a custom home: private backyard, 10 feet prime ceilings, granite countertops, stainless steel appliances, dramatic clerestory windows that bring the beauty of natural light and Sabino Canyon inside. Avilla Sabino I & II combines luxury living within minutes of the Catalina Mountains, Mount Lemmon and infinite hiking, biking and recreational opportunities.

The property was running at 95% occupancy when it sold.

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.

Senior managing director, Art Wadlund and associate Clint Wadlund of the Tucson Berkadia office negotiated the transactions for the seller.

“This is the second Avilla community that Aerie has sold to Farnam, following the sale of Avilla San Marcos in Chandler, Arizona in 2016,” said Wadlund.  “The buyer has been very happy with the performance of this single-story detached product and wanted to add Avilla Sabino to their portfolio.”

The buyer was Phoenix-based Farnam Companies (Charles Duff, manager) that purchased the Alta Vista community in Chandler, AZ several years ago for $45 million.

“Alta Vista recently sold three properties with an aggregate value of $135 million,” Karber told us. “The Avilla community on Orange Grove under construction, with 240-units has 100-units completed and leasing, that project should be finished before year end.”

For more information, Art Wadlund should be contacted at 520.299.7200 and Clint Wadlund is at 520.529.9206.

To learn more, see RED Comp #5762 and #5763.

[mepr-show rules=”58038″]Avilla West: Document #2018-1210480, sale price: $30,540,296 ($234,925 per unit). Sale date: 5/1/2018. Buyer: DJD Tucson West, LLC.

Avilla East: Document #2018-1210512, sale price: $11,763,704 ($221,957 per unit). Sale date: 5/1/2018. Buyer: DJD Tucson East, LLC.[/mepr-show]