Vertical Street Ventures and Partners Acquire Seneca Terrace Apartments for USD 27m.
MANews-(C)2009-2021
US-based commercial real estate firms Vertical Street Ventures, Limitless Estates, and Invest in Multifamily have jointly acquired Seneca Terrace Apartments in Tucson, Arizona, a 109 unit apartment complex, the firms said.
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.
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 Tucson Area, the property consists 100% of two- and three-bedroom units with over 1,000...
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