Goodegg Investments and Break of Day Capital Acquire 248-Unit Apartment Community in Tucson, Arizona
TUCSON, Ariz., July 29, 2022 — Leading commercial real estate firms Goodegg Investments and Break of Day Capital are pleased to announce the joint acquisition of Mission Antigua – a 248-unit class-B+ apartment community located in Tucson, Arizona. The teams are led by Julie Lam and Annie Dickerson at Goodegg Investments, and Gary Lipsky at Break of Day Capital.
“We are delighted to add Mission Antigua to our growing portfolio in Arizona and the Sunbelt Region. Tucson is one of the strongest real estate markets in the country – driven by strong population growth, job growth, and job diversity,” commented the investment leads.
“Given the shifts in the overall market and continued economic uncertainty, we are confident this acquisition came at the ideal time, to help our investors hedge against inflation and protect their capital while also helping to optimize this asset and provide quality living for the residents, all while Tucson continues to grow and thrive.”
Mission Antigua is a 248-unit, garden-style class-B+ apartment community completed in 1989. Located on a main thoroughfare in the Midvale Park area, less than 15 minutes from downtown Tucson, Mission Antigua is within close proximity to major employers in the area.
Mission Antigua features an attractive mix of one-, two-, and three- bedroom units, along with modern amenities, including a swimming pool / spa, fitness center, clubhouse, fireplaces and vaulted ceilings in select units, and balconies and patios.
Approximately 70% of the units have already been renovated, and Goodegg Investments and Break of Day Capital will implement the proven value-add plan in renovating the remaining 30% of the units, thus improving quality of life and optimizing the asset.
This is the 8th asset in Arizona for Break of Day Capital and the first for Goodegg Investments. Together, Goodegg Investments and Break of Day Capital collectively own and operate over 8,000 multifamily units worth over $1B across Arizona, Texas, and the Southeast and as such, they are uniquely positioned to lead the optimization and growth of this property.
SOURCE Goodegg Investments