A Seattle-based investment company has made its second apartment complex purchase in the Tucson market as investors continue to flock to the local multifamily market.
The 424-unit Entrada Apartments, on the city’s north side, sold for $65.5 million to Thayer Manca Residential and is the largest acquisition to date for the company. It plans a $4.9 million renovation, including upgrading units with washers and dryers and enhancing the pet park.
“We believe Tucson is one of the most vibrant apartment rental markets in the nation. We are thrilled to add this exceptional asset to our Arizona portfolio,” said Joe Manca, Principal at TMR.
The complex is at 4545 N. Via Entrada, near River Road, and is the second investment for the company, which bought the 368-unit Palm Canyon Apartments for $40 million in 2019.
“Entrada is a great property and very well-located. Due to these factors, we had a ton of interest,” said Art Wadlund, who along with Clint Wadlund, of Berkadia, handled the sale.
Entrada has one-, two- and three-bedroom floor plans.
Other recent commercial transactions include:
- Pueblo Springs Holdings LLC bought Pueblo Springs Apartments, a 75-unit complex at 3003 N. Alvernon Way, from Pueblo Springs by Bakerson LLC for $4.2 million. Allan Mendelsberg and Conrad Martinez, with Picor, represented the seller, and Anna Sepic, with Levrose Commercial Real Estate, represented the buyer.
- Portledge Partners LLC bought The Grove, a seven-unit, 27-bed student housing complex at 2102 and 2110 N. First Ave., from West Seattle 37 Investors LLC for $2.7 million. Picor brokers Allan Mendelsberg, Conrad Martinez and Paul Hooker handled the sale.
- Dos Rillitos LLC bought 10,837 square feet of industrial space at 3660 N. Romero Road from Orcas Triad III LLC for $750,000. Max Fisher, with Picor, represented the seller and Joseph Castillo, with Volk Co., represented the buyer.
- BRInc Financial LLC bought Santa Rosa Apartments, an eight-unit complex at 1623-1641 N. Santa Rosa Ave., from 1623-1641 N Santa Rosa Avenue Trust for $610,000. Allan Mendelsberg and Conrad Martinez, with Picor, represented both parties.
- Tucson QOF LLC bought Flores Apartments, a 19-unit complex at 225 and 255 W. Flores St., from JZR Investment Group LLC for $590,000. Allan Mendelsberg and Conrad Martinez, with Picor, represented both parties.
- ECM Real Estate Investments LLC bought Geronimo Apartments, a six-unit complex at 2511 and 2515 N. Geronimo Ave., from 2511 Geronimo LLC and 2515 Geronimo LLC for $340,000. Allan Mendelsberg and Conrad Martinez, with Picor, represented both parties.
- Jenny Craig leased 1,268 square feet in Crossroads Festival, at Grant and Swan roads. Landlord Larsen Baker was represented by its brokers Melissa Lal, Elaina Elliot, Andy Seleznov, and George Larsen. Nancy McClure, of CBRE, represented the tenant.
- Living Branch Church leased 604 square feet for an administrative offices at 13190 E. Colossal Cave Road. Craig Finfrock, of Commercial Retail Advisors LLC, represented the landlord, Vail Station and Birch Bay LLC.
Information for Tucson Real Estate is compiled from records at the Pima County Recorder’s Office and from brokers. Send information to Gabriela Rico, email@example.com
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