Vertical Street Ventures and Partners Acquire Seneca Terrace Apartments for $27 Million
TUCSON, Ariz., Dec. 20, 2021 — Leading commercial real estate firms Vertical Street Ventures, Limitless Estates, and Invest in Multifamily announce the joint acquisition of Seneca Terrace Apartments in Tucson, Arizona, a 109 unit apartment complex. The teams are led by Steven Louie, Jenny Gou, and Ronnie Gou of Vertical Street Ventures, Kyle Mitchell of Limitless Estates, Jonathan Winick of Invest in Multifamily, and alongside Key Partner Gil Ficke.
This is the third property purchased this year by this joint venture group in the Tucson Market. With Tucson experiencing 14% rent growth, the 3rd highest rent growth in the nation, the Joint Venture Team is bullish on growing its presence in the 2nd largest city in Arizona.
“We are thrilled to add Seneca Terrace to our joint portfolio in the fast-growing Tucson market, our 6th acquisition in the Arizona market and 3rd in the Tucson market in the past 12 months. With our first two properties exceeding our expectations, we searched for further expansion in Tucson.” Said Kyle Mitchell, Managing Partner for Limitless Estates. “We look forward to enhancing what this property has to offer for its residents.”
Seneca Terrace is a 109-unit institutional-quality apartment complex built in 2000. Owned and operated by its original developers, Seneca Terrace will be rebranded to The Residences on Seneca and go through significant upgrades to modernize the property. Located in the growing Tucson Area, the property consists 100% of two- and three-bedroom units with over 1,000 sq. feet in each unit. Amenities include a swimming pool, Spa, Picnic Areas with barbeque grills, in unit Washer and Dryers, and Covered Parking.
Together, this team owns and operates more than 1,100 multifamily units worth over $155 million across Texas and Arizona. They are uniquely positioned to lead the optimization and growth of this property.