- Plan Extensive Upgrade and Renovation for Rental Property -
COLUMBUS, Ohio, July 16, 2020 /PRNewswire/ -- CORE Real Estate Capital ("CREC") and Rincon Capital Partners ("Rincon") today announced they have jointly acquired Woodridge Apartments, a 204-unit, Class C+/B- multifamily community located in Tucson, AZ. Terms of the transaction were not disclosed.
With more than $1 billion of real estate assets under management, CREC specializes in multifamily real estate investments in secondary and tertiary cities throughout the United States. Rincon, based in Phoenix, is a vertically integrated, full service real estate and property management firm. In addition to Woodridge, CREC and Rincon have collaborated on two prior joint ventures, one located in Tucson and the other in Phoenix.
Over the next two to three years, the new owners will rebrand the property and expect to invest up to $3.6 million to remediate deferred maintenance, renovate common areas, upgrade interiors and improve landscaping to bring the property on par with nearby recently repositioned residential communities.
The 6.2-acre property, built in 1981 and located at 8225 E. Speedway Boulevard, is approximately nine miles east of downtown Tucson, with convenient access to nearby jobs, retail and entertainment. It is also within eight miles of the University of Arizona campus and in close proximity to many other demand drivers. The city's diversified economy, comparatively low cost of living, and business friendly environment have been driving recent economic growth and supporting demand for quality housing. The property is currently over 95% occupied, a figure which has held steady throughout the past few months.
"We are bullish on multifamily as a segment of commercial real estate that has historically outperformed other more-discretionary segments during times of social and economic uncertainty. We are very familiar with Tucson, and we believe the favorable fundamentals that bolstered the market in the years leading up to Covid-19 will provide continued support throughout any Covid-19 disruptions and long after the worst of the pandemic has passed," said Jeff Coopersmith, founder and Managing Partner of CREC. "CREC sees an important value-add opportunity at Woodridge, and we believe that, together with our partners at Rincon, we can transform the community into a market-leading option for the growing number of residents in the East Tucson area."
CORE Real Estate Capital (CREC) is a private commercial real estate investor. Based in Columbus, Ohio, the firm invests through institutional funds and private placements and has more than $1 billion of real estate assets under management. The firm specializes in the multifamily, hotel and senior housing sectors in secondary and tertiary cities throughout the United States. Since CREC's inception in 2001, it has completed 49 investments across 16 states. For more information, visit www.corerecap.com.
Rincon Partners (www.rinconpartners.com) is a vertically integrated, full-service real estate investment and management firm. Rincon is headquartered in Phoenix, AZ with acquisition offices in Atlanta, GA and Dallas, TX and targets opportunistic and value add multi-family and self-storage commercial real estate in the Southwest and Southeast United States.
Lambert & Co.
SOURCE CORE Real Estate Capital