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Vertical Street Ventures and Partners Acquire New Tucson Property.

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MANews-(C)2009-2022

US-based commercial real estate private equity firm Vertical Street Ventures has acquired its fifth property in Tucson, Arizona, the firm said.

The acquisition marks the company's 21st transaction in the Western United States, bringing the total VSV portfolio to USD 270m 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 USD 1.8m 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.

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...

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