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.