WNC has acquired Casas Adobes Apartments, a 204-unit multifamily community in northwest Tucson, for $28.7 million. The property is located at 6200 N. Oracle Road in the Oracle Road corridor within the Casas Adobes area, a well-known residential enclave in the northwest portion of the city.
The seller, GR Capital Partners, originally purchased Casas Adobes Apartments in 2016 for $11.75 million, according to Real Estate Daily News. The recent transaction marks a significant change in valuation over a roughly decade-long hold period for the value-add focused private equity firm.
Newmark served as the listing brokerage on the sale, with Brett Polachek in the firm’s Phoenix office handling marketing and sale responsibilities. The transaction adds another stabilized multifamily asset to WNC’s national portfolio.
Casas Adobes Apartments was built in 1978 and is composed of 18 residential buildings with two- and three-story configurations. The unit mix includes studio, one-bedroom, and two-bedroom floor plans, providing a range of layouts aimed at different renter household sizes.
Community amenities at the property include a fitness center, two pools and spas, and a clubhouse. Residents also have access to laundry facilities, a business center, a dog park, and covered parking, supporting both lifestyle and practical needs.
The property’s position along the Oracle Road corridor offers access to surrounding residential neighborhoods and commercial services within the Casas Adobes area of northwest Tucson.
GR Capital Partners, based in Highlands Ranch, Colorado, is a private equity firm that focuses on value-add multifamily investments in select markets across the United States. Its strategy centers on acquiring and repositioning apartment communities to enhance value and performance.
WNC has been active in the affordable and workforce housing sectors for more than 50 years. Over that time, the firm has acquired more than 1,725 properties nationwide, representing a total of approximately $20.2 billion in affordable housing investments. The Casas Adobes acquisition adds to WNC’s established track record in multifamily housing across the country.
