Seattle Investor Buys Second Tucson Apartment Complex for $65.5 Million

Article originally posted on CoStar on November 18, 2020

Thayer Manca Residential plans to complete renovations to Entrada in Tucson, Arizona. (CoStar)

Thayer Manca Residential has expanded its apartment portfolio in Tuscon, Arizona, with its purchase of the 424-unit Entrada.

The Seattle-based firm paid $65.5 million for the garden-style multifamily complex, making this its largest acquisition to date, the firm said in a statement announcing the deal. Thayer Manca Residential bought Entrada from Salt Lake City-based Millburn and Co., which paid $43 million for the property in 2018, according to CoStar data.

Entrada was built in 1983 and located at 4545 N. Via Entrada. The apartment complex includes a mix of one-, two- and three-bedroom floor plans. It was about 97% occupied at the time of the sale, according to CoStar data.

Thayer Manca Residential plans to complete renovations to the apartment complex. With a $4.9 million budget, the repositioning plan includes a full marketing rebrand, high-end renovation scope for the remaining classic units, adding washers and dryers to units without them, modernizing the 24-hour fitness center, upgrading the pet park and sports court, adding package lockers and completing a variety of additional capital upgrades.

This is Thayer Manca Residential’s second purchase in Tucson. Last year, the firm purchased the 368-unit Palm Canyon Apartments for $40.3 million.

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