Thayer Manca Buys Second Tucson Community for $66M
- Nov 02, 2020
Thayer Manca Residential (TMR) has acquired Entrada Apartments, a 424-unit community in Tucson, Ariz. for $65.5 million. The transaction marks the multifamily investment firm’s largest purchase to date and its second in the metro area. According to Yardi Matrix data, MG Properties Group bought the asset in 2018 for $43 million. This deal comes after the company received a $26.8 million Fannie Mae refinance loan for Callen Apartments, a 189-unit property in Lacey, Wash., back in May.
TMR will invest $4.9 million in renovating the property at 4545 N. Via Entrada, including a marketing rebrand and upgrades to the fitness center, pet park and sports court. The company also plans to add washers and dryers to the units lacking them, install package lockers, improve the roofing and landscaping, repaint the exterior and make deck and stairwell repairs.
Built in phases from 1983 to 1985, the property consists of 28 two- and three-story buildings on a 19.8-acre site and was 94.3 percent occupied as of September, Yardi Matrix data shows. The community offers a mix of one-, two- and three-bedroom units ranging from 455 to 1,345 square feet.
Common-area amenities include two laundry facilities and a swimming pool, basketball court, tennis court, clubhouse, fitness center and playground, along with 496 parking spaces. Estrada provides close access to the University of Arizona, the Banner—University Medical Center Tucson and Tucson’s medical district.
TMR reentered the Tucson market by acquiring the 368-unit Palm Canyon Apartments for $40 million in August of last year.