TUCSON-Local developer Alta Vista Communities LLC has sold its 85-unit Aerie at Tanque Verde luxury apartments to Tanque Verde Holdings LLC, a private investor based in Santa Barbara, CA. The seller disposed of the multifamily property for $12 million less than a year after it opened.
Located on 2495 N. Desert Links Dr., Aerie at Tanque Verde was once the site of Wrightwood Elementary School. The Tucson Unified School District shuttered the school in 2010 as a cost-saving measure.
According to records, Alta Vista Communities submitted its first proposal in 2011. The school board agreed to sell the 9.2-acre site to Alta Vista in 2011 for $1.6 million. The developer demolished all the existing structures except for one historic building, which was eventually incorporated into the apartment complex.
Art Wadlund with Hendricks-Berkadia brokered the transaction. Aerie at Tanque Verde offers one-, two- and three-bedroom units ranging between 635 square feet and 1,244 square feet. Monthly rents are between $834 and $1,220 and MEB Management Services provides on-site management for the property.
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