Springs at Continental Ranch is a 196-unit luxury apartment
complex located in Tucson, Arizona that was recently purchased by The Bascom
Group for $250 million! Oaktree Capital Management managed the funds for the
real estate transaction. Built in 1999, the community consists of 19 two-story
buildings and includes two high-class, resort-style swimming pools along with a
spa. There are also several other amenities offered onsite, including
controlled access gated entry, common area Wi-Fi, a theater room, a 24-hour
fitness center, barbeque grills and private garages.
The apartment complex is situated in an excellent growth
position, located in an economically-developing section in northwest Tucson,
just west of Interestate-10.
Mark Jacobs, the Managing Director at Oaktree, is quoted,
“as a smaller market, Tucson is sometimes overlooked. But the jobs-to-permits
ratio is amongst the highest in the nation with more than three jobs created
for every housing unit built!” He continues: “We believe Tucson is poised for
meaningful rent gains as a result of strong, high-quality job growth with
limited new supply pipeline.”
Want to read the full article? Click Here
No comments:
Post a Comment