Rincon Partners, LLC ("Rincon") is pleased to announce the acquisition of Los Portales Apartments (the "Property") in Tucson, AZ on November 22, 2019 for $40.0 million. The Property is a 416-unit, Class B, multi-family apartment community constructed in 1987. Rincon's investment plan is to reposition the Property to a Class B+ community by renovating unit interiors, creating a modern fitness center, upgrading the Property's pool areas, renovating its laundry facilities, and other community amenities to capitalize on Tucson's dynamic multifamily rental market.
The Property is located in the Tucson MSA, which is one of the nation's leading MSAs for rent growth over the past several quarters. Tucson is home to the University of Arizona and numerous Fortune 500 companies have operations there including Amazon, Caterpillar, Raytheon Missile Systems, Bombardier, GEICO, and Homegoods, which has driven population growth at double the national average.
Rincon is headquartered in Phoenix, AZ with acquisition offices in Atlanta, GA and Dallas, TX and targets opportunistic and value add multi-family and self-storage commercial real estate in the Southwest and Southeast United States.
For further information on new acquisitions and joint venture opportunities, please contact Jason Ottman, Chief Investment Officer, in our Phoenix, AZ office at (480) 378-2959.