Rincon Partners, LLC (“Rincon”) is pleased to announce the sale of Alterra (f/k/a Los Portales) (the “Property”) on March 4, 2022, for $81.5 million. Rincon acquired the 416-unit property located in Tucson, AZ in November 2019 for $40.0 million.
Rincon completed an extensive renovation program that included reconfiguring and updating the leasing center, creating a modern fitness center, upgrading the pool areas and laundry facilities, new roofs, and renovating a select number of unit interiors to capitalize on the Property’s strong multifamily rental market.
The Property is located in the Tucson MSA, which 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 strong population growth.
Rincon is headquartered in Phoenix, AZ and targets opportunistic and value add multifamily 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 Brian McGlynn, Chief Investment Officer, at (480) 378-2959.