Vertical Street Ventures and Partners Acquire New Tucson Property
TUCSON, Ariz., June 9, 2022 — Vertical Street Ventures (VSV) announced the acquisition of their fifth property in Tucson, Arizona. The acquisition marks the company’s 21st transaction in the Western United States, bringing the total VSV portfolio to $270 Million in assets under management.
The 114-unit apartment complex, which will be rebranded to Vertical North, features community amenities including two swimming pools, a clubhouse, and playground. VSV will invest over $1.8 Million into the property to add washers and dryers to renovated units, upgrade to new modern interiors including new kitchens and bathrooms, add new paint, landscaping and parking lot improvements and construction of a new outdoor gym.
“We are thrilled to acquire this wonderful property spanning a city block in North Tucson,” said Kyle Mitchell, a Managing Partner for VSV. “We appreciate how well the property has been kept up and improved recently. As owners of several other properties in the area, this property has all the aspects you want to see with wonderful resident amenities and a great community feel. There’s still a lot of room for growth and we look forward to serving these residents.”
The transaction took place in partnership with Peter Pomeroy and Jon Faller of Northlight Growth Properties, Ral West and John Hardwick of Hardwick Apartment Homes, and Brett Moulton of Brojan Capital. The process was overseen by IPA’s Hamid Panahi and Clint Wadlund. The property’s loan was provided by Arbor’s Eric Regenbogen with support from Meridian’s Scott Rosenstock and Barry Lefkowitz. MEB Management Services Inc. will manage the property for VSV.
VSV’s Tucson portfolio totals 588 units within a 12-mile radius. With low supply in the market, VSV will continue to improve current communities and create safe environments for Tucson residents.
SOURCE Vertical Street Ventures