Western Wealth Capital has acquired Tucson V, a five-property portfolio, totaling 880 units in Tucson, Ariz., for $130 million. The portfolio last traded in 2011 when Weidner Apartment Homes paid $15.7 million for the assets, Yardi Matrix data shows. Institutional Property Advisors represented the seller and procured the buyer.
The largest property in the portfolio, Las Brisas, was built in 1983 and encompasses 16 buildings and 248 units, with one- and two-bedroom apartments, ranging from 420 to 868 square feet. The property offers amenities, such as tennis, volleyball and basketball courts, two swimming pools, a spa and laundry facilities. Located at 2525 N. Los Altos Ave., the community is next to entertainment, retail and dining options alongside North First Avenue. The University of Arizona is within 2 miles of the property.
Completed in 1985, Aventura, the second-largest asset in the portfolio, comprises 15 buildings and 239 units with one- and two-bedroom apartments, averaging 588 square feet. Common-area amenities include a clubhouse, swimming pool, spa and laundry facilities. Located at 1700 W. Prince Road, the community is within half a mile of various retail options and is 1.5 miles away from Sweetwater Wetlands Park.
The portfolio also includes:
- The 161-unit Alegria, located at 520 W. Prince Road, comprising one- and two-bedroom apartments, averaging 545 square feet.
- The Enclave, a 120-unit community completed in 1974, offering studio, one- and two-bedroom apartments, varying from 404 to 818 square feet. The asset is located at 5555 E. 14th St.
- The 1984-built Vista Montana, a 112-unit property with studio and one-bedroom apartments, located at 734 E. Roger Road.
Tucson is poised for growth
Tucson registered strong fundamentals, with rent rates increasing 20.3 percent year-over-year in February, according to Yardi Matrix. The metro’s growth is driven by a diversifying job market and a growing talent pool. The city is home to 248,000 working professionals and major employers, such as Raytheon, Caterpillar, Geico, Banner Health, and Amazon.
The market’s strong growth and the value-add opportunity the portfolio offers drove Western Wealth Capital to enter this market, said Hamid Panahi, senior vice president of IPA, in prepared remarks.
Besides the latest acquisition, the company’s portfolio includes 62 properties totaling some 16,660 units, Yardi Matrix data shows. At the end of last year, Western Wealth Capital paid $76 million for The Halifax, a 300-unit community in Phoenix, and another $51.6 million for Cantala, a 184-unit property in Glendale, Ariz.