TUCSON, AZ – Western Wealth Capital has acquired a five-property, 880-unit multifamily portfolio in Tucson, AZ for $130 million. The firm acquired the portfolio from Weidner Apartment Homes.
The portfolio, titled Tucson V, includes the 239-unit Aventura, which was built in 1985; the 248-unit Lass Brisas, which was built in 1983; the 161-unit Alegria, which was built in 1985; the 120-unit The Enclave, which was built in 1974; and the 112-unit Vista Montana, which was built in 1984.
Marcus & Millichap division, Institutional Property Advisors brokered the sale. IPA's SVP Hamid Panahi executive managing directors Steve Gebing and Cliff David represented the seller and procured the buyer for the transaction.
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"As a new entrant into the Tucson market, the acquisition provides immediate scale for the buyer in one of the strongest tertiary growth markets in the US, complemented by the prospect of a blank-canvas value-add opportunity across all five assets," says Panahi.
"The combination of developable land scarcity and local government policies provide for a competitive shelter against future multifamily supply for these assets," states Gebing. "Tucson may well lead the nation in rent growth over the next three-to-five years."
With a population of 248,000 working professionals, Tucson, AZ has 72 million square feet of office, industrial and flex space. The city also boast employers including Raytheon, Caterpillar, Geico, Banner Health and Amazon, with planned expansions from Amazon, CIS Global, TuSimple, and Nuvox Pharma.
"Tucson is poised for additional demographic growth over the next five years, which should sustain the metro's recent historical rent and occupancy highs," says David. "We expect that multifamily investment will continue to be strong as capital chases Tucson's undeniably strong market fundamentals."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
