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Jul. 25, 2013

Tanque Verde Holdings Grabs Luxury Multifamily Property in Tucson for $12M

By Amalia Otet, Associate Editor

In a $12.3 million deal, Santa Barbara, Calif.-based Tanque Verde Holdings LLC has acquired Aerie at Tanque Verde, an 85-unit luxury rental community in Northeast Tucson, from Alta Vista Communities LLC. The sales price equates to $145,000 per unit which sets a new record in the 40+ unit multifamily category, according to the Real Estate Daily News.

Art Wadlund of Hendricks-Berkadia in Tucson brokered the transaction for the seller.

Alta Vista Communities is a joint venture of Karber Holdings (Roger Karber, principal and founder of Aerie Development) and Brav Holding Co. (Garry Brav), and affiliate of BFL Construction, the contractor for the communities. Aerie at Tanque Verde sits on a 6.3-acre infill pad that the entity had purchased for $1.6 million from the Lewis family.

Located at 2495 North Desert Links Drive, the high-end complex features detached rental homes with one-, two-, and three-bedroom options ranging in size from 635 sq. ft. to 1,244 sq. ft. Monthly rents range from $819 to $1,195 per month. The property was fully leased at the time of closing.

The community has been open for less than a year and offers premier amenities including gated entrance, free covered parking, Ramada, swimming pool and spa. Each rental home comes with granite countertops, 10-foot ceilings, stainless steel kitchen appliances, washer and dryer, wood plank vinyl flooring, two-inch horizontal window blinds and private rear yard.

MEB Management Services of Tucson is the property manager.

Photo credits: Aerie

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