Rincon Partners, LLC (“Rincon”) is pleased to announce the acquisition of Ascent on Pantano (formerly Canyon Heights, the “Property”) in Tucson, AZ on April 26, 2022, for $33.0 million. The Property is a 196-unit, value-add, multi-family community constructed in 1982.
The Property consists of 1-bed / 1-bath and 2-bed / 1-bath, units with classic unit interiors. Rincon’s business plan includes renovating the unit interiors with new modern finishes including new cabinets, countertops, faux-wood flooring, modern fixtures, and stainless steel appliances. The renovation plan also includes significant improvements to building exteriors including new paint and roofs and to community amenities including an expanded, modern fitness center and remodeled leasing center.
The Property is located in the Far East submarket of Tucson. There are numerous employment, dining, entertainment, and retail options within proximity to the Property via the Broadway Corridor. The Broadway corridor includes 4M+ sf of retail, 100+ restaurants, cafes and pubs, 200+ stores and a 68% white collar workforce. Broadway, a major east-west thoroughfare in the metro, connects the Far East Submarket to Interstate-10, the major highway system connecting Tucson to Phoenix.
Rincon is headquartered in Phoenix, AZ and targets opportunistic and value-add multifamily real estate in the Southwestern and Southeastern United States.
For further information on new acquisitions and joint venture opportunities, please contact Brian McGlynn, Chief Investment Officer, at (480) 378-2959.