A 301-unit multifamily community in Tucson has changed hands in a lender-driven sale at a significantly reduced valuation. Trez Capital, which had taken ownership of the Peaks at Redington following a deed-in-lieu-of-foreclosure earlier in 2026, sold the asset for $32 million. The property had last traded four years earlier at a price of $53.9 million, making the latest deal roughly a 40% discount to that prior transaction.
The most recent buyer is Greenwater Real Estate Management, which acquired the lender-owned asset from Trez Capital. The sale follows a default scenario in which the previous ownership entity transferred the property back to the lender in January 2026 via deed-in-lieu-of-foreclosure. That transfer set the stage for Trez Capital to market and dispose of the asset as a real estate owned (REO) property.
MF Asset Management had previously purchased Peaks at Redington in 2022. That acquisition was financed with a $44.6 million loan from Trez Capital, tying the lender closely to the asset’s capital structure leading up to the workout. The subsequent deed-in-lieu indicates that the prior owner was unable to sustain the capital stack put in place at the time of the 2022 transaction.
Peaks at Redington was originally constructed in 1980 and is configured with a mix of one- and two-bedroom apartments. The units average 722 square feet, positioning the property as a garden-style community with relatively modest unit sizes for the market. No information was disclosed in the source material regarding occupancy, renovation history, or specific amenity offerings at the property.
On the disposition side, Clint Wadlund and Hamid Panahi of IPA Advisors represented Trez Capital in the sale of the lender-owned community and were also responsible for procuring Greenwater Real Estate Management as the buyer. Their mandate covered both seller representation and buyer sourcing for the transaction.
The combination of a deed-in-lieu-of-foreclosure, a sizable prior loan, and a sale price materially below the previous trade underscores the extent of the reset in valuation for this particular Tucson multifamily asset. While full capital stack details and post-sale business plans were not disclosed, the pricing dynamics point to a meaningful loss relative to the earlier acquisition and financing, with the lender ultimately opting to exit ownership through a discounted sale.
