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Palm Canyon

Tucson, AZ

Palm Canyon

Overview

Location

Tucson, AZ

Acquired

2019

Units

368

Acquisition Price

$40,300,000

Capital

$18,850,000

Status

Holding

Palm Canyon Apartments is a garden style apartment community with outstanding value-add potential in an excellent, northwest Tucson location. Its well-built 1986 construction and low density site, provides the perfect opportunity for TMR’s signature style of repositioning, focused on modern amenity packages, inspired homes and contemporary branding.

With more than $5,000,000 in planned renovations, both the interior and exterior will receive intentional, quality, resident-focused upgrades. Palm Canyon will undergo full rebranding and marketing, receive a revamped clubhouse and office interiors, updated fitness facility, refurbishing of the two pool areas, the addition of package lockers, landscaping enhancements and additional exterior amenities, as well as interior unit renovations.

Palm Canyon has an outstanding location adjacent to a major medical plaza and less than one-half mile from one of Tucson’s largest hospitals, Northwest Hospital. Palm Canyon’s proximity to these large employers will provide a great housing option for hundreds of nearby medical workers. Palm Canyon’s location on Orange Grove Road is also within minutes of more than 1,000,000 square feet of retail.

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