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.