DIJ Properties Enters Arizona Market
The company plans to implement a large renovation program for the 1987-built community to unlock value for investors and improve the residents' living conditions.
DIJ Properties has acquired Los Portales Apartments, a 416-unit community in Tucson, Ariz. The acquisition marks the company’s first investment in Arizona. DIJ Properties currently has a portfolio of six multifamily assets, five of which are in Texas. Last year, the company acquired two multifamily properties in Fort Worth totaling 408 units.
Los Portales is located at 801 S. Prudence Road, in the eastern part of Tucson, near the Pantano Wash river. The property comprises studios, one-bedroom and two-bedroom units, ranging in size from 431 to 744 square feet. Built in 1987, the property is viable for DIJ’s plans to improve value through large capital expenditure. New picnic areas, fast-soccer courts, illumination, barbecue areas, laundry rooms, playgrounds, remodeled swimming pools, a fitness center and a pet park are on the new owner’s “to do” list.
“This is an undervalued area where we believe we can provide dignified living to our residents and unlock value for our investors,” said Gerald Jorge, CFO of DIJ Properties, in a prepared statement.
The community is situated near some of the city’s largest employers, including GEICO, Carondelet St. Joseph’s Hospital, Raytheon, the Davis-Monthan Air Force Base and Tucson International Airport. The nearby Broadway Boulevard and East 22nd Street feature multiple shopping and dining destinations.
Photo courtesy of DIJ Properties