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TUCSON-Paragon Management Co. LLC of La Jolla, CA, takes on a class B value-add as its next repositioning play in the region. The 224-unit Sienna Springs, listed for $8.7 million, will undergo $300,000 of interior and exterior upgrades.

Ricardo Jinich, Paragon's co-founder, won't discuss the purchase price of the 90%-leased complex at 2650 N. Oracle Rd. asset, but did say it was reasonably priced. The complex, bought from Bridge Investment Group LLC of Salt Lake City, sits in a pocket where comparable assets are selling for $40,000 to $43,000 per door. Sienna Springs' seller was asking $38,839 per unit.

The purchase is Paragon Management's sixth in the area, bringing its total number of units to more than 1,000. Jinich says the Tucson properties are doing very well, which is why Paragon Management is continuing its local buying. "We've been able to raise rents and occupancy and saw the opportunity to do the same thing here," Jinich tells GlobeSt.com.