Avilla Marana I & II Sell for $45.44 Million

TUCSON, Ariz. –  Two multifamily properties, Avilla Marana I and Avilla Marana II, totaling 284-units sold for $45.44 million ($160,000 per unit). The multifamily properties are located at 4050 and 4115 West Aerie Drive in Marana, AZ.

Senior Managing Director Art Wadlund and Associate Director Clint Wadlund of Berkadia Real Estate Advisors in Tucson completed the deal on behalf of the buyer, California-based M3 Multifamily, LLC and the seller, Alta Vista Communities of Arizona, a joint venture of Karber Holdings (Roger Karber) and Brav Holding Company (Garry Brav) an affiliate of BFL Construction.

Seller has retained 27 acres at the site on Aerie Drive for future construction of another 500- units.

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 for their investors. Since then M3 has grown steadily, and currently owns/manages communities in Austin, San Antonio, Nashville, Reno, and Tucson.

This transaction represents the fourth acquisition for M3 Multifamily in Tucson from the same seller. It also owns Aerie at Tanque Verde, an 85-unit detached luxury rental community, located at 2495 N Desert Links Drive in Northeast Tucson purchased in 2013; Avilla River luxury rental community, a 76-unit community at 1000 W River Road, Tucson sold in 2014; and Avilla Preserve Orange Grove, a 184-unit luxury rental community, located at 2501 W Orange Grove Road, Tucson was acquired in 2015.

“The buyer was attracted to the properties for multiple factors, mainly the single-story apartment home concept,” said Art Wadlund referring to the latest transaction. “The homes are ideally located in the I-10 and Ina/Thornydale corridor and have many features similar to custom homes.”

Avilla Marana I and Avilla Marana II are adjacent properties. Avilla Marana I sold for $26.56 million, and Avilla Marana II sold for $18.88 million in two separate transactions. Both properties feature one-, two- and three-bedroom floorplans with high ceilings, custom cabinetry, in-home alarm systems, stainless steel appliances and granite countertops. Residents can also enjoy a resort-style pool, a gated neighborhood and garages.

For additional information, Art and Clint Wadlund can be reached at 520.299.7200 and Karber is available at 520.977.5456.




Avilla Preserve Sells for $27.6 Million to California Investor

Avilla Preserve (30)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.




Aerie Multifamily Sets New Record High Unit Price

Aerie at Tanque Verde
Aerie at Tanque Verde

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Aerie at Tanque Verde, an 85-unit detached luxury rental community, located at 2495 N Desert Links Drive in Northeast Tucson sold for[mepr-show rules=”58038″] $12.3 million, setting a new record of $145,000 per unit in the 40+ unit multifamily category. In all fairness,  smaller properties have sold for a higher price per unit in the past, and Aerie is not your typical apartment complex, this unique class-A community is a premier single family housing community.

The gated community has free covered parking, Ramada, swimming pool and spa. Unit amenities include granite counter tops, ten foot ceilings, stainless steel kitchen appliances, wood plank vinyl flooring, two-inch horizontal window blinds, and washer and dryer in all the homes. Sophisticated, state-of-the-art floor plans feature a bright, airy atmosphere with large low-E glass windows delivering spectacular mountain views.

The seller, Alta Vista Communities is a joint venture of Karber Holdings (Roger Karber) and Brav Holding Company (Garry Brav) and affiliate of BFL Construction, the contractor for the communities.

The detached homes were built in 2012, after Alta Vista acquired the 6.3 acres of infill property for $1.6 million from the Lewis family that owned it for generations. The community consists of 1, 2 and 3 bedroom single-story rental homes ranging in size from 635 sq. ft. to 1,244 sq. ft., all with private rear yards. Monthly rents range from $819 to $1,195 per month.

The community was reported to be 100% leased at time of sale with some two year lease terms.

Aerie has three other infill rental communities in the Tucson region: Aerie4050 (built 2012) at 4050 W Aerie Drive, Marana, AZ 85741 is now renting with plans to start construction across the street from this project on Aerie Drive. Aerie1000 at 1000 W River Road, Tucson, AZ is under construction for 68-detached homes, and one month away from opening. Aerie Preserve on Orange Grove at 2501 W Orange Grove Rd, Tucson, AZ 85741 is also under construction, with six homes completed at time of publication.

Aerie is also developing in the Phoenix area, at the northeast corner of Alma School and Pecos Road there is a 112-home community, “Aerie at Alma School & Pecos East” is scheduled to open October 2013.

The buyer for Aerie at Tanque Verde is Tanque Verde Holdings, LLC of Santa Barbara, CA (Bart Clemens, Manager) that was coming out of a 1031 exchange and purchased for a hands-free investment.

MEB Management Services of Tucson, with also a Phoenix office, handles the management and leasing for all the Aerie Communities and has been retained by the new owners for Aerie at Tanque Verde.

The transaction was negotiated by Art Wadlund of Hendricks-Berkadia in Tucson for the seller.

Karber can be reached at (520) 977-5456. Brav with BFL can be contacted at (520) 882-4800. Clemens is at (805) 963-0669. Wadlund should be reached at (520) 299-7200. MEB can be contacted at (520) 620-1640 for rental information at any of the Aerie communities.[/mepr-show]

 

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[ismember]Sale date: 7/2/2013. Sale price $12,300,000 with $3,524,209 down payment and a loan assumption. This was the buyer’s upleg in a 1031 exchange. Exact price per unit: $144,706.

Income: GPI annualized as of May, 2013 was $1,058,734. Rental loss ($144,415), with a total GSI of $914,319. Miscellaneous income was $77,763, total collected income was $992,082. Operating expenses including $200 per unit reserves were $297,823. Property sold with an NOI of $694,259 and at a 5.64% cap rate based on annualized income at time of sale.

The unit mix is 18 (21%) one-bedroom (635 SF),  38 (45%) two-bedrooms/ 2 bath (922 SF) and 29 (34%) three-bedrooms/ 2 bath (1,244 SF). Total buildings size: 82,542 SF on 6.3 acres.

Escrow opened April 15 and closed July 2. Market time was about 60 days.[/ismember]