TUCSON, Arizona — RendezVous Urban Flats, LLC (Roger Karber, manager) closed on an option to purchase the land and infrastructure at 20 S Stone Avenue in downtown Tucson from 1 SC Partners LLC for $2.65 million ($87 PSF). The project is ready to begin construction within weeks and may be as soon as one year for completion, the developer told us.

The developer, Aerie Development (Roger Karber, manager) plans to construct a six-story, 130,000-square-foot mixed use building on the .7 acre site next to Tucson’s tallest building, the 23-story, One South Church, built in 1986. The RendezVous Urban Flats is to have 4,000-square-feet ground floor retail and 100 market-rate rental units of one- and two-bedrooms ranging from 660-1,110-square-feet that should be desirable to any demographic group.

Karber, who grew up in Tucson, says he remembers the Fox Theatre as a kid and imagines people coming out of a show there and across the street to the RendezVous plaza to congregate again. “I envision coming out of the Fox Theater soon and being greeted by the RendezVous Urban Flats and ground-level plaza with public and private areas. The residents will enjoy fabulous views overlooking Downtown and the Tucson Mountains from their balconies and glass walls.”

It’s an exciting project for downtown Tucson! Karber told us a great deal of time has been spend discussing the preservation the Ben’s Bells mural and all the signed tiles that currently cover the elevator shaft on the vacant land to underground garage. “These tiles will be taken down and then brought back to be incorporated into the RendezVous plaza, said Karber. “With any extra tiles going to other places of interest in Tucson. Each signed tile shows an individual’s pledge to ‘Be Kind’ and do a good deed, we don’t want a single tile to be lost.”

The building will have floor-to-ceiling glass walls and 5-foot wide balconies. The 3-story garage will remain undisturbed shared with One South Church offices. The project is expected to go up quickly, with the underground infrastructure already in place. Karber believes it could be completed one year from ground breaking.

Alliance Bank is the lender on the project, Davis Architecture and Design of Tempe the architect and UEB of Scottsdale, the builder.

For related story click here.

For more information, Karber should be contacted at 520.977.5456.

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]

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.