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TUCSON-An investment group from Vancouver has made its first buy in the Valley, beating out several other buyers for Greens at Ventana Canyon, a 256-unit, class A complex. Ventana 20/20 LP paid $31.4 million to a local partnership for the title.

Situated on 11.6 acres at 5800 N. Kolb Rd., the complex will be converted into residential condominiums in the fall, according to Art Wadlund, an investment broker with Hendricks & Partners’ local office. “The property was good for conversions due primarily to the cost of housing in the neighborhood, which is $500,000 and up. Many homes are more than $1 million,” he tells GlobeSt.com. A shrinking supply of affordable housing is keeping a lot of would-be home-buyers in the rental market, he adds.

According to Wadlund, the property went under contract to Ventana 20/20 LP, which placed the highest offer during the three months of marketing. Built in 1986, Greens at Ventana Canyon is made up of one-bedroom units from 820 sf to 850 sf and two-bedroom apartments ranging from 950 sf to 1,210 sf. Monthly rents range from $749 to $949.

The property was roughly 98% occupied at closing, according to Wadlund, far above the marketwide rate of 93.1%. The high occupancy is driven by the strong job growth in the city, according to Marcus & Millichap Real Estate Investment Co.’s most recent report. Researchers predict more than 9,900 jobs will be added in the Valley this year. According to the report, many new hires will be working at the resorts near the Catalina Foothills so Tucson complexes are expected to be in high demand.

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