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Aug 27, 2019

Tucson Real Estate: National company adds 5th local apartment complex to its portfolio

Arizona Star Daily
August 26, 2019
By Gabriela Rico

One of the country’s largest apartment owners has bought its fifth complex in the Tucson area.

Newton, Mass.-based Northland Investment Corp. recently added Pima Canyon Apartments to its portfolio. The sale price was $44.8 million, records from the Pima County Recorder’s Office show.

Pima Canyon is a new complex on Orange Grove Road, just west of Oracle Road, with 240 units.

“As our company expands its presence throughout the Southwest, we continue to see tremendous value in Tucson,” said Matthew Gottesdiener, chief investment officer for Northland. “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 is a gated community and the units have 10-foot ceilings and several amenities on site. It also has room for a second phase of development, which would add an additional 50 units.

The complex is near Northland’s other luxury apartments, Villas at San Dorado and The Canyons at Linda Vista Trail. The company also owns Hilands I and II and Promontory apartments.

The firm was named to the 2019 National Multifamily Housing Council’s list of Top 50 Largest Apartment Owners.