Seattle, WA- Thayer Manca Residential (TMR) has purchased Entrada Apartments, their newest multifamily property in Tucson, AZ. TMR purchased the 424-unit property for $65.5 million and is the largest acquisition to date for the company.

With a $4.9m renovation budget, the repositioning plan includes a full marketing rebrand, high-end renovation scope for the remaining classic units, the addition of washers and dryers to units without, modernizing the 24-hour fitness center, enhancing the pet park and sports court, adding package lockers and completing a variety of additional capital upgrades.

“We believe Tucson is one of the most vibrant apartment rental markets in the nation. We are thrilled to add this exceptional asset to our Arizona portfolio,” says Joe Manca, Principal at TMR. 

Entrada enjoys a premier location in the Catalina Foothills district of north Tucson, an exclusive, upscale commercial and residential sub-market and sits directly on The Loop. The property is located off one of the area’s primary east-west thoroughfares, East River Road and is just 4.5 miles north of the University of Arizona, Banner Medical Center and Comcast. It’s also very close to north Tucson’s medical district. Entrada’s residents are within minutes of 1.3M SF of retail and dining.

Entrada is the second property in Tucson for TMR. The firm purchased the 368-unit, Palm Canyon Apartments for $40.3 million in 2019. 

Entrada Apartments is located at 4545 N Via Entrada, Tucson, AZ 85718. 

Based in Seattle, Washington, Thayer Manca Residential LLC (TMR) is a sponsor of partnership, multifamily investments specializing in value-add opportunities. TMR is driven by a commitment to protect and grow investor capital while delivering safe, clean and inspired homes to the market at highly competitive rental rates. Disciplined business practices, conservative investment parameters and a hands-on asset management style, have produced outstanding returns for investors. 

During the company’s 39 years of operation, TMR has closed more than a billion dollars of partnership, multifamily transactions, generating outstanding cash flow and capital gain profits for investors. The company is proud of its 39-year track record without a single capital loss.  

Art and Clint Wadlund of Berkadia Real Estate Advisors Tucson handled the transaction.

TUCSON (VAIL), ARIZONA – Richmond American Homes of Arizona has acquired 89 platted and engineered lots at Rancho del Lago in Vail Arizona from Pepper Viner (Bill Viner, CEO). The sale included the Riverwalk at Rancho del Lago subdivision that was platted in 2007 and four lots in block 37 & 38 according to recorded documents.

The sale closed on October 5, 2020 with a purchase price of $2,358,000 ($26,500 per lot) for 50’ X 100’ lots.

Nestled in the beautiful Vail Valley, set against the backdrop of the Rincon Mountains, Rancho del Lago is a truly remarkable master-planned golf community. Panoramic views, exceptional lifestyle, wonderful neighborhoods, and one of the most acclaimed school districts in Arizona

Richmond will be joining Meritage, Del Webb, Pepper Viner Homes, KB Home and Pulte at the Rancho Del Lago golf course community in the southeast submarket of Tucson.

There were no brokers reported for this transaction.

To learn more, see RED Comp #8166.

TUCSON, ARIZONA – Sedona-based, Mid-Atlantic Equity Funding, LLC (Gary Weaver, manager) purchased the newly constructed Dollar General Store #20744 at 5470 E Littletown Road in Tucson for $2 million ($220 PSF) to add to his investment portfolio.

With 14.8 years remaining of the original 15-year lease, the Dollar General store is located at the southwest corner of Craycroft and Littletown near the I-10 Valencia interchange. The buyer told us he liked the property because of its location.

“Across the street from Craycroft Elementary School and Billy L Lauffer Middle School, the store is near an RV Campground and Pilot Travel Center off I-10,” said Weaver. “It’s a great location for a Dollar General store and I’m very pleased to have been able to get it.”

This 9,100-square-foot Dollar General has a large freezer section and is also licensed for beer and wine sales.

The transaction closed October 19, 2020. This is Weaver’s third Dollar General asset. He also owns one in Delaware and another in Ohio.

Dave Hammack with Cushman & Wakefield | Picor in Tucson represented the developer, DCM Development Company of Tucson (Chris Lechner, manager). Mike Bastin with Coldwell Banker Commercial Reliant Realty in Cincinnati, Ohio represented the investor.

For more information, Hammack can be reached at 520.546.2712 and Bastin is at 513.618.2823.

To learn more, see RED Comp #8184.