By Tudor Scolca
California-based M3 Multifamily has purchased two apartment communities in Tucson, Ariz., for $45.4 million. A total of 284 units changed hands in a deal arranged by Berkadia brokers, who represented both parties in the transaction. The seller was Aerie Development.
The two properties, Avilla Marana I and Avilla Marana II, are situated next to one another, at 4050 and 4115 W. Aerie Drive. They comprise 166 and 118 units, respectively. A mix of one-, two- and three-bedroom floor plans are available in both communities, with units ranging from 635 to 1,244 square feet. Both properties include the same shared amenities: controlled access, alarm system, spa, swimming pool and covered parking. According to Yardi Matrix, Avilla Marana I is 94 percent occupied, while Avilla Marana II’s occupancy rate is 96 percent.
The apartment communities are situated in the North part of Tucson, Ariz., near Interstate 10. Multiple shopping and dining options are within walking distance of the properties, both on West Ina Road and North Thornydale Road. Several bus stations are nearby. Downtown Tucson is half an hour’s drive away, as is Tucson International Airport. Phoenix can be reached in approximately two hours.
“The buyer was attracted to the properties for multiple factors, mainly the single-story apartment home concept. The homes are ideally located in the I-10 and Ina/Thornydale corridor and have many features similar to custom homes,” said Art Wadlund, senior managing director at Berkadia, in a prepared statement.
Art, together with Associate Director Clint Wadlund brokered the transaction. The duo facilitated another Tucson asset transaction, earlier this year.
Image courtesy of Berkadia