TUCSON, Arizona -- Vertical Street Ventures (VSV) has acquired the Redondo Tower Apartments, a downtown High Rise apartment building at 425 W Paseo Redondo in Tucson. VSV teamed up with Ral West and John Hardwick of Hardwick Apartment Homes, Ashok Patil and Mohit Bansal of Prime Investment LLC, and Louie Caumban and Rosalind Caumban of Fastpath Capital Group LLC.
The asset sold for $27 million ($281,250 per unit).
This marks VSV's 5th property purchased in the Tucson, AZ market and 12th property acquired in the Arizona Market. Arbor Realty Trust provided the debt on the project. MEB Management will manage the property. Design and Construction will be managed by Gia Venturi.
Additional properties owned previously by VSV in Tucson include:
- Indi Tucson with 93 units
- Midtown on Seneca with 176 units
- Seneca Terrace with 109 units
- Midtown on 2nd with 42 units
"When we discovered Redondo Tower was available for purchase, we immediately jumped on the opportunity," said Ronnie Gou, a Managing Partner for VSV. "We've invested in Tucson for several years now and Redondo Tower has always been a fixture in the downtown area. We're thrilled and honored to take on this project for the City of Tucson. We'll take it through a major renovation and add to the fabric of downtown's revitalization."
A 96-unit, 9-story high rise apartment building, Redondo Tower is a key part of downtown Tucson, which will be rebranded Vertical Heights. Residents of the property will enjoy many new amenities, including adding a new rooftop lounge, a new gym and yoga studio, a state-of-the-art co-working lounge, and modernizing the existing pool. Its interior units will undergo extension renovation with brand new kitchens, bathrooms, and newly added Washer/Dryers in each unit. Located centrally right off the 10 freeway, a 5-minute walk to anywhere downtown, and a 10-minute drive to the University of Arizona campus, this is a prime location for many job sectors.
With Tucson market vacancy at 4%, Tucson residents continue to look for great places to live. VSV will continue its strategy of finding communities to improve in high growth markets residing in excellent locations throughout the Arizona and Texas Markets.
Vertical Street Ventures (also known as VSV) is a commercial real estate private equity firm, led by Managing Partners Steven Louie, Jenny Gou, Kyle Mitchell, and Ronnie Gou. With a mission to improve communities nationally, VSV has grown substantially in the last year, growing its current portfolio of assets to $182 Million this year across the Arizona and Texas markets. VSV helps busy professionals build passive income through investing in real estate syndications.
Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch and Jeff Casper of CBRE Phoenix / Tucson Multifamily Institutional Properties represented the seller, Redondo Tower Apartments of Scottsdale.
To learn more, see RED Comp #9674.