HSL Properties has acquired Luma Apartments, a 180-unit rental community in Tucson, in a transaction reported at $31.85 million. According to Real Estate Daily News, the purchase price equates to just over $175,000 per unit, underscoring the value assigned to stabilized apartment assets of this vintage and scale in the local market. The property is located at 2600 W. Ina in Tucson and continues to operate under the Luma Apartments name.
The seller in the transaction was Village at The Foothills Owner LLC, an entity based in Beverly Hills, California. That ownership entity is reported to be traceable to MC Residential, which is headquartered in Scottsdale. The sale transfers control of a large, garden-style community that has been in place for several decades and offers a variety of unit types and community amenities.
Institutional Property Advisors (IPA) brokered the deal, with Clint Wadlund and Hamid Panahi handling the assignment. Their role connected HSL Properties and Village at The Foothills Owner LLC in the disposition and acquisition of the asset, facilitating the closing of the transaction at the reported price point.
Originally built in 1985, Luma Apartments consists of 21 two-story residential buildings situated on approximately 16.33 acres. The community offers a mix of one- and two-bedroom apartments with unit sizes ranging from 757 square feet to 1,158 square feet. Floor plans include one-bedroom, one-bath units; two-bedroom, one-bath units; and two-bedroom, two-bath units available in two different sizes, providing a range of layouts for residents seeking varying space needs.
Residents of Luma Apartments have access to a substantial amenity package. Outdoor amenities include two swimming pools, a spa, pickleball courts, basketball and tennis courts, putting greens, picnic areas and a dog park. These features are designed to support resident recreation, wellness and pet-friendly living. The property also offers indoor community spaces, including a clubhouse, business center, lounge and fitness center, supporting both work-from-home needs and leisure activities.
The change in ownership reflects ongoing investor interest in established multifamily communities in Tucson that offer a broad amenity base and a range of unit sizes. With a 1980s construction profile, low-rise buildings and extensive recreational amenities, Luma Apartments represents a sizable addition to HSL Properties’ multifamily holdings in the area at a clearly defined per-unit pricing level.
