August 12, 2019
Thayer Manca Residential LLC re-entered the Tucson, AZ market, making its first purchase there since 2000. The Seattle-based buyer shook hands with seller Houston-headquartered Domain Communities to acquire the 368-unit Palm Canyon Apartments. The sales price was $40.3 million; the seller was represented by Art Wadlund and Clint Wadlund of Berkadia.
The new owner is planning to invest $5 million to renovate the interior and exterior of the complex at 2255 W. Orange Grove Rd. The property will undergo full repositioning and rebranding, as well. “We’re excited to be back in Tucson, and can see the momentum building in the multifamily market,” said TMR’s Joe Manca.
Palm Canyon Apartments is adjacent to medical offices, and is less than half a mile from Northwest Hospital. The 1980s complex offers one-, two- and three-bedroom units, fitness center, swimming pool and barbecue grills with a picnic area.
Connect Texas Multifamily will take place August 15, 2019 in Dallas. For more information, or to register, click here.
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