Tucson, Arizona – One of the country’s largest apartment owners has bought its fifth complex in the Tucson area. Newton, Mass.-based Northland Investment Corp. recently added Pima Canyon Apartments to its portfolio. The sale price was $44.85 million ($186,875 per unit).
Pima Canyon is a new complex, built in 2017, at 750 W Orange Grove Road, just west of Oracle Road, with 240 units. It was built by the seller, Alta Vista Communities (Roger Karber, manager). Pima Canyon offers residents the gorgeous comfort of high-end apartment finishes and a sought-after location in Northwest Tucson, convenient to shopping, award-winning schools, local museums, and parks.
“As our company expands its presence throughout the Southwest, we continue to see tremendous value in Tucson,” said Matthew Gottesdiener, chief investment officer for Northland. “We’re excited that the acquisition of Pima Canyon adds another luxury asset to our portfolio and one that helps us offer a compelling unit mix to prospective residents in the region.”
According to Berkadia market research, due to a limited supply of Class A apartment stock, vacancies in Tucson through 2019 are expected to remain hovering below 95% even as new developments in the pipeline come online. That’s just one of the reasons rent growth increased by 7.6% during the first quarter of 2019; a nice gain compared to the same period in 2018, when rent was accelerating by 5.5%.
Pima Canyon is a gated community and the units have 10-foot ceilings and amenities such as swimming pool & spa, clubhouse, fitness center, dog park on site, and granite countertops, stainless steel appliances, full size washer & dryer, private patio, and spacious closets in the units.
It also has room for a second phase of development, which would add an additional 50 units.
The complex is near Northland’s other luxury apartments, Villas at San Dorado and The Canyons at Linda Vista Trail. The company also owns Hilands I and II and Promontory apartments.
The firm was named to the 2019 National Multifamily Housing Council’s list of Top 50 Largest Apartment Owners.
Art and Clint Wadlund of Berkadia Real Estate Advisors in Tucson handled the transaction for the seller.
For more information Art Wadlund can be reached at 520.299.7200 and Clint Wadlund is at 520.615.1100.
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