Berkadia Brokers $42 Million AZ Sale

Senior Managing Director Art Wadlund and Director Clint Wadlund, both from the company’s Tucson office, represented Aerie Development in this disposition of a 183-unit asset.
Avilla Sabino, Tucson, Ariz.
Avilla Sabino, Tucson, Ariz.

Berkadia has completed the $42 million sale of Avilla Sabino, a 183-unit multifamily property in Tucson, Ariz. Senior Managing Director Art Wadlund and Director Clint Wadlund brokered the transaction on behalf of the seller, Aerie Development. Farnam Cos. purchased the garden-style asset. This month, Berkadia also facilitated the $41.5 million sale of a multifamily portfolio consisting of four communities in Illinois, Indiana and Wisconsin.

Located at 3500 N. Sabino Canyon Road, Avilla Sabino is near the Catalina Mountains recreation area and Mount Lemmon. According to Yardi Matrix data, the property comprises two properties—Avilla Sabino I (53 units) and Avilla Sabino II (130 units)—with two- and three-bedroom units. Amenities include private backyards, playground, swimming pool, spa and a covered ramada.

“This is the second Avilla community that Aerie has sold to Farnam, following the sale of Avilla San Marcos in Chandler, Ariz., in 2016,” said Wadlund, in prepared remarks.

Image courtesy of Yardi Matrix

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