Horizon Reality Advisors Makes Entry into Dynamic Downtown Tucson
Tucson, Arizona – CBRE arranged the sale of the 186-unit multifamily community 255 North on behalf of a partnership between The Bascom Group and funds managed by Oaktree Capital Management, L.P. to Horizon Realty Advisors.
Public record shows the asset sold at $40 million ($216,000 per unit)
Jeff Casper, Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Multifamily Institutional Properties represented the sellers. The transaction is Horizon Reality Advisors’ first acquisition in Tucson.
Located in Tucson’s Downtown Corridor, 255 North features spacious one, two, and three-bedroom units with well-appointed kitchens, walk-in closets, and a washer and dryer in every unit. Built in two phases in 1985 and 2005, 255 North’s common area amenities were recently renovated including extensive upgrades to the 24-hour fitness center, resident clubhouse, leasing office and pool area. The sellers upgraded 157 units with quartz countertops, modern vinyl plank flooring, undermount sinks, stainless steel appliances, new cabinetry, upgraded plumbing and lighting fixtures and two-tone paint.
“Tucson remains a very attractive market for multifamily investors and this transaction illustrates the market’s economic resilience,” Casper said. “The seller’s excellent renovations to the community and the downtown market’s strong fundamentals generated significant buyer interest.”
Downtown Tucson is home to approximately 40,000 jobs and many of the region’s top employers including Caterpillar, the City of Tucson, Pima County, Hexagon Mining, HDR Engineering, New York Life and Ernst & Young. The community’s location adjacent to Interstate 10 provides direct access to the region’s largest employers including Raytheon Missiles and Defense and the Sun Link Streetcar connects 255 North to the University of Arizona (±16,000 jobs, ±44,000 students) and Banner University Medical Center (±4,000 jobs).
“We have been targeting strong growth markets like Tucson and 255 North was an excellent fit for our investment criteria,” said Horizon Realty Advisors partner Rob Marshall. “The community is a great entry into the Tucson market and will complement our broader multifamily focus of delivering diversified, consistent returns for our investors.”
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