CHANDLER, AZ-Business Real Estate News reports that Tucson-based Aerie Development LLC plans to build a total of 650 multifamily property units in Chandler and Gilbert, AZ. The BREW article reports that Aerie has joined forces with two other Tucson entities, Iridius Capital and Preferred Apartment Builders to develop the properties.
The first project consists of 112 units and will be located at Alma School and Pecas Roads. The entity Alta Vista Communities ASNE LLC paid $2.35 million in an all-cash deal to acquire 9.61 acres on which to build the multifamily property. The project, dubbed Aerie at Alma & Pecos East, is anticipated to break ground in March, with build-out anticipated for early 2014. The partners also have 13 acres under contract kitty corner to the first project (which would be called Aerie at Alma & Pecos West).
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