Northland Investment Corporation Adds Fifth Property to its AZ Portfolio with Pima Canyon
Leading multifamily firm looks to further enhance luxury asset and its cutting-edge amenities
NEWTON, MA (August 21, 2019) – Northland Investment Corporation has announced the acquisition of Pima Canyon, the firm’s third Class A community within the Tucson submarket. Pima Canyon is a newly constructed asset that offers 240 one, two and three-bedroom apartments. This latest acquisition brings the firm’s Tucson portfolio to 2,032 units and makes Northland the second largest owner in the city’s metro area.
“As our company expands its presence throughout the Southwest, we continue to see tremendous value in Tucson,” said Matthew Gottesdiener, Chief Investment Officer of Northland Investment Corporation. “We’re excited that the acquisition of Pima Canyon adds another luxury asset to our portfolio and one that helps us offer a compelling unit mix to prospective residents in the region.”
Pima Canyon provides an opportunity to live within a beautiful gated community that boasts high-end finishes, 10’ ceilings, and a suite of amenities that includes a resort-style pool and spa, fitness center, luxurious club house and more. There is also potential for a second phase of development, which would add an additional 50 units. Northland will deliver immediate performance improvements to the property, which is adjacent to its other Tucson luxury assets, Villas at San Dorado and The Canyons at Linda Vista Trail. With this latest acquisition, Northland intends to leverage its scale in the market by offering residents a single source to access Tucson’s prime apartment options and resident experiences.
Tucson has undergone significant population and job growth, which combined with its limited housing supply, has helped contribute to its nation-leading increase in rental rates over the last three years. Northland has more than 25 years of experience in the region, with a portfolio that also includes Hilands I and II, and Promontory.