California Investor Adds Freshly-Built Tucson Asset

Berkadia announced the $27.6 million sale of Avilla Preserve, a Class A multifamily property in Tucson.
Avilla Preserve

Avilla Preserve

Avilla Preserve, a Class A, multifamily property located in Tucson changed hands in an early-October transaction worth $27.6 million. Berkadia arranged the sale on behalf of the seller, Aerie Development LLC of Tucson.  The buyer was M3 Multifamily, a real estate company based in Santa Barbara, Ca.

The 184-unit multifamily community was built in 2014 at 2501 West Orange Grove Road near Interstate 10, just one mile from Foothills Mall and two miles from Omni Tucson Golf Resort. Avilla Preserve allows easy access to downtown Tucson and top employers of the area such as the Northwest Medical Center. Residents can choose from a range of one-, two- and three-bedroom floor plans with private backyards and 10′ ceilings. Residences feature granite countertops and vanities, stainless steel appliances, clerestory windows, wood grain plank floors and private walled yards. The list of common-space amenities includes a heated swimming pool and spa, ramada and hiking trail.

Senior Managing Director Art Wadlund and Associate Clint Wadlund of Berkadia’s Tucson office completed the sale on October 9. The sale price reflects a per-unit price of $150,000.

Image source: avillahomes.com