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Thayer Manca Residential Re-Enters Tucson Multifamily Market with $40.3M Acquisition

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Thayer Manca Residential has a more than $5 million renovation, rebranding and repositioning planned for Palm Canyon Apartments, a 368-unit multifamily property in Tucson, Ariz.

TUCSON, ARIZ. — Seattle-based Thayer Manca Residential (TMR) has re-entered the Tucson multifamily market with its first purchase since 2000. The company acquired Palm Canyon Apartments for $40.3 million. The name of the seller was not released.

Located at 2255 W. Orange Grove Road, Palm Canyon Apartments features 368 units. The low-density, value-add property was built in 1986. TMR has more than $5 million planned for renovations to the property with both interior and exterior spaces to receive resident-focused upgrades. Additionally, the property will undergo a full rebranding, and receive a revamped clubhouse, office interiors, fitness facility, two swimming pool areas, package lockers, landscaping, exterior amenities and interior unit renovations.

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