(Read more on the multifamily market.)

TUCSON-Paragon Management Co. LLC of La Jolla, CA, takes on aclass B value-add as its next repositioning play in the region. The224-unit Sienna Springs, listed for $8.7 million, will undergo$300,000 of interior and exterior upgrades.

Ricardo Jinich, Paragon's co-founder, won't discuss the purchaseprice of the 90%-leased complex at 2650 N. Oracle Rd. asset, butdid say it was reasonably priced. The complex, bought from BridgeInvestment Group LLC of Salt Lake City, sits in a pocket wherecomparable assets are selling for $40,000 to $43,000 per door.Sienna Springs' seller was asking $38,839 per unit.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Multifamily
National