EXCLUSIVE MULTIFAMILY OFFERING

10350 W. Tangerine Road | Marana, AZ 85653
Tucson MSA

157-Home Build-for-Rent Subdivision

Forward Purchase Opportunity

157-HOME
BUILD-FOR-RENT COMMUNITY

2022-2024
CONSTRUCTION

1,856
AVERAGE SF

±24.39
ACRES

the Opportunity

Coronet at Gladden Farms, located in Marana Arizona, is Coronet Communities’ debut Build-for-Rent community in the Southern Arizona market. Its detached three and four-bedroom homes with integral two-car garages are designed for growing families and built to LEED-certification standards. They feature smart-home conveniences with remote control operation and “lock-and-leave” convenience. We are developing Coronet at Gladden Farms for efficient management, sustainable operations and long-term appreciation.

Coronet’s at Gladden Farms’ gated community boasts premium amenities including: permanent leasing office; community fitness center; community social room with kitchen; pool with separate dedicated lap lanes, family water sports recreation area and spa; ramada with lounge seating, picnic tables and barbecue; tot lot; dog park; walking trails; and a dedicated maintenance building. All this within the larger master plan of Gladden Farms, the Tucson region’s best-selling community — with its own extensive collection of parks, trails, recreational amenities, schools, retail and other community offerings.

Coronet at Gladden Farms represents a breakthrough opportunity for individuals and families to access all the benefits of an enriched suburban lifestyle without the burdens of a down payment or long-term mortgage commitment. Combining the multiple benefits of LEED certification, E.S.G. compliance, Smart Home convenience with fee-simple detached home design and “A+” level community amenities, Coronet Communities’ aims to set new standards for rental communities in this expanding and successful category.

The Gladden Farms master planned community is an ideal location for Coronet Communities’ environmentally conscious, highly amenitized rental home community. An affiliate of Coronet Communities, Crown West Residential Group, has served as master developer of Gladden Farms, with its now 2,500 homes, since 2013.

UNIQUE CLASS A SINGLE-FAMILY RENTAL PRODUCT

Coronet at Gladden Farms features a desirable, low-density site plan complete with fully detached three and four bedroom homes. Each residence is complete with private driveways, two-car garages, 9-foot ceilings, open-concept floorplans with faux wood and carpet flooring, spacious kitchens featuring a full set of stainless-steel appliances, quartz or granite countertops, full-size washer and dryer, oversized, fenced backyards, covered patios, and smart home technology. Homes are complemented by private community amenities including a controlled access gate, fitness center, pool and spa area with restrooms, ramada, and lounge seating, picnic tables, tot-lot, BBQ grills, and walking trails.

#1 TOP PERFORMING MASTER PLAN COMMUNITY - 2,648 HOMES BUILT AS OF MARCH 31, 2022

The Gladden Farm masterplan was the top performing community in the Tucson area in 2021 and is home to six prominent homebuilders: Meritage Homes, Richmond American, Lennar, Pulte Homes, KB Home, and Mattamy Homes. Gladden Farms features 112 acres of lush green space, a highly-rated K-6 elementary school, 19 parks, miles of landscaped paseos connecting to scenic trails, 14 playgrounds, playfields, a splash pad, picnic and BBQ areas, gas station, and signature events. Commercial developments are also underway to cater to the community, including a planned Fry’s anchored grocery center.

MARANA'S #1 RANKED ELEMENTARY SCHOOL

The Gladden Farms masterplan is home to Gladden Farms Elementary, the top performing elementary school (A-) in the Marana Unified School District and a highly rated (#35) school of the Tucson metropolitan area. Opened in fall 2016, Gladden Farms Elementary is a preK-6 school offering an inspiring and enriching Computer Science immersion academic experience, and an innovative state of the art learning environment. Gladden Farms Elementary offers pre-school, full-day FREE kindergarten, before and after school care, gifted and special education, full-time Master level school counselor, health services, librarian, music, arts, physical education, and more.

NEW SCHOOL DEVELOPMENTS PLANNED TO MEET HIGH DEMAND

The fast growing Gladden Farms masterplan and surrounding areas have made new school construction a top priority for the district. In 2019, The Marana Unified School District completed a $20 million bond issuance to construct two new elementary or K-8 schools to serve the district. Also in 2019, the district completed a land exchange for 15 acres within Gladden Farms, nearly adjacent to Coronet at Gladden Farms, planned for a future school.

AFFLUENT NEIGHBORHOOD DEMOGRAPHICS

The Town of Marana is one the most affluent enclaves in the Tucson metropolitan area attracting upwardly mobile professionals and home to high-end resorts and golf clubs including The Ritz Carlton, Dove Mountain, the highest rated resort in Arizona. The median sold home price in Marana is $387,500, 24% higher than the Metro Tucson median of ($313,500). Median household incomes of $85,592 within a one-mile radius of the community are also outpacing the Tucson metros average of $53,379.

MARANA'S EXPANDING EMPLOYMENT BASE

The new Crossroads development will feature over 3 million square foot of modern logistics facilities which will begin construction in the summer of 2022. The facilities are projected to create over 3,500 jobs.

ROCHE TISSUE EXPANSION

Southern Marana continues to grow as the international healthcare company Roche plans to double its footprint on Tangerine Road. In summer 2021 Roche broke ground on a 60,000 square foot facility, directly next to its current facility of the same size. The facility is operated by Roche Tissue Diagnostics, formerly Ventana Medical Systems, which is headquartered in Oro Valley, and is expected to complete construction in mid-2022. Roche announced they plan to move some of their manufacturing and employees from their Oro Valley campus to their expanded Marana facility upon completion. This can include moving up to 150 existing employees to the new location and expanding the employee base at both facilities. Roche Tissue Diagnostics develops more than 250 diagnostic tests and associated instruments for cancer, including specialized stains for tissue samples that allow researchers to detect various biomarkers for cancers. In total, Roche employs more than 1,700 workers in the greater Tucson area.

FAVORABLE RENT-TO-INCOME RATIO

Coronet at Gladden Farms median household income of $85,592 and the Cornonet average market rent of $2,617 creates an advantageously low rent-to-income ratio of 36.6% compared to the Metro Tucson single-family-rent to income ratio of 34.2%, still one of the lowest ratios among major western markets. The low rent-to-income ratio for Coronet at Gladden Farms residents provides an affordable single-family environment in a highly desirable residential area..

SFR/BTR FUNDAMENTALS OUTPERFORM CONVENTIONAL MULTIFAMILY

SFR/BFR fundamentals have continued to accelerate due to heavy demand driven by household formations, net migration, and COVID related shifts such as remote work. The average rental rate of single-family properties in Tucson is 43% higher than the average effective rent for conventional apartment units. In Q4 2021, Tucson realized the third highest SFR/BTR rent growth of all major western markets with a 8.9% annual increase.

the offering

Price

Market

Terms

Cash

Construction

Single Family-For-Rent Community

Buildings

159 (157 Homes,
1 Clubhouse,
1 Maintenance Building)

Year Built

2022-2024

Average Square Feet

1,856

Open Space

±26.52 Acres

Density

±5.92 Units/Acre

amenities

Private Community Amenities

  • Dedicated Clubhouse
  • Controlled, Gated Access
  • Fitness Center
  • Pool & Spa
  • Restrooms
  • Ramada
  • Picnic Tables
  • Tot-Lot
  • BBQ Grills
  • Walking Trails
  • Dedicated Maintenance Facility

Private Unit Amenities

  • Private Driveway
  • Attached Two Car Garage
  • 9' Ceilings
  • Quartz Countertops
  • Faux-Wood & Carpet Flooring
  • Full-Size Washer / Dryer
  • Fenced Backyard with Covered Patio
  • Smart Home Technology Package with High Speed Internet, Nest Thermostats and Smart Lights & Plugs
  • LEED Certified

Masterplan Amenities

  • 112 Acres Of Landscaped Areas, Featuring 17 Parks
  • Landscaped Paseos
  • 7.7 Miles Of Walking / Cycling Paths And Trails
  • 11 Playgrounds
  • 4 Outdoor Exercise Stations
  • 2 Basketball Courts
  • Soccer Field
  • 2 Horseshoe Pits
  • Dog Park
  • 1 Putting Green
  • Splash Pad
  • Picnic Tables & BBQ Areas
  • A Certified Naturally-Grown Foods Farm

photo gallery

Contact Us

contact us

phoenix office

2525 E. Camelback Road
Suite 1150
Phoenix, AZ 85016
602.955.1122

BERKADIA TEAM

Investment Advisors

mark forrester

Senior Managing Director
602.526.4800
mark.forrester@berkadia.com

ANDREW CURTIS

Director
602.571.4190
andrew.curtis@berkadia.com

jared glover

Director
702.498.4232
jarod.glover@berkadia.com

dan cheyne

Managing Director
602.327.4447
dan.cheyne@berkadia.com

ric holway

Senior Managing Director
602.828.0074
ric.holway@berkadia.com

kristin watson

Operations Director
602.445.1674
kristin.watson@berkadia.com

10350 W. Tangerine Road | Marana, AZ 85653

© 2022 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc.

Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC

Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.