Downtown Tucson, Arizona
Tucson,Arizona, June 30, 2017 /Newswire/ —Southwest Montana Properties LLC has acquired Juniper Canyon Apartments, a 140-unit multifamily community built in 1985 and located in Tucson, Arizona. The property’s proximity to I-10 and excellent frontage on two highly trafficked thoroughfares attracts residents who desire an attractive, convenient, and affordable place to live. The property is comprised of eight two-story, garden-style residential buildings. Exterior finishes & features include stucco siding, recently replaced roofs, established landscaping with a fully automated irrigation system, and a grilling and picnic area. Its extensive improvements include market leading upgraded interiors with highly durable and attractive ceramic tile flooring, a newly renovated resident clubhouse with kitchen, leasing office, fitness center, and laundry facility, as well as a resort style swimming pool, spa, and a separate storage/maintenance building. Juniper Canyon also offers residents a choice of three desirable floor plans. Over the investment term the property stands to benefit from an improved asset management practice, targeted capital improvement, steady property management, and continued growth of the Tucson economy.
Southwest Montana Properties worked with Donny Rosenberg & Justin Kantrowitz at Greystone & Co. to arrange debt financing for the purchase. Art Wadlund of Berkadia represented the Seller and brokered the transaction, while Mark Miller of Braaksma & Miller represented Southwest Montana Properties. Title responsibilities were managed by Bobbi Raymond of Title Security Agency. Property Management will continue to operate in the capable hands of Ann Diaz with AZ 1st Realty Management.
Juniper Canyon Apartments, Street View
Acquisitions Manager Brad Osen states, “We are very pleased with our acquisition of Juniper Canyon. The 140 unit community has great visibility at the corner of two busy roads and is in great physical condition. With market leading renovations and upgrades already completed in the vast majority of the unit interiors and extensive exterior work done, the property is poised to capture higher rents and maintain high occupancy levels as the Tucson market continues to strengthen.”
Chad Laird, Managing Director at Southwest Montana Properties comments, “We’re thrilled to enter the vibrant Tucson market with such an attractive and well located asset. Our targeted capital investment plan will help to position Juniper Canyon to fully capitalize on Tucson’s compelling rent appreciation that is being driven by strong fundamentals and continuing rapid employment & population growth.”
Mr. Osen adds, “We are delighted to offer our investors this opportunity as we anticipate the ability to deliver attractive returns in a hard asset-backed investment during the long-term hold of this property.”
Juniper Canyon Apartments, Community Pool
About Southwest Montana Properties, LLC: Southwest Montana Properties, LLC (http://www.southwestmontanaproperties.com) specializes in multifamily real estate investment in emerging markets throughout the United States, sourcing stabilized, value-add apartment properties located in stable sub-markets which are poised for growth. These properties are aggressively repositioned to effect: 1) Revenue maximization through targeted capital improvement; 2) Cost containment through the implementation of institutional asset & property management. Southwest Montana Properties strategically targets exit from dramatically appreciated assets timed to coincide with an optimal position in the local market cycle. Hold windows average five to ten years.
If you’d like to schedule an interview with one of the Southwest Montana Properties team, please call Tevin Apedaile (406-285-2932) or e-mail at firstname.lastname@example.org
SOURCE Southwest Montana Properties, LLC