TUCSON, AZ-Gaines Investment Trust has entered the Tucson apartment market with the purchase of five foreclosed multifamily communities. The La Jolla, CA-based buyer paid $30 million for the class B portfolio, which consists of 1,347 units.
Gaines Investment Trust purchased the assets using a combination of agency debt and cash proceeds from a 1031 exchange, according to Brad Cooke with Colliers International’s Phoenix office. He brokered the deal along with his team Cindy Cooke, Carrie Burton and Nicholas Eggert.
The portfolio includes: Summit Ridge, a 360-unit property located at 1252 S Craycroft Rd; La Hacienda, a 275-unit property located at 6161 E Pima St.; Pavilions at Pantano, a 314-unit property located at 8110 E Speedway Blvd.; Sienna Ridgea, a 305-unit property located at 5353 E 22nd St.; and Verrano Park, a 93-unit property located at 6850 E Golf Links Rd.
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