CORE Real Estate Capital (CREC) and Rincon Capital Partners have jointly acquired Woodridge Apartments, a 204-unit, class C+/B– multifamily community located in Tucson, Ariz. Terms of the transaction were not disclosed.
With more than $1 billion of real estate assets under management, CREC specializes in multifamily real estate investments in secondary and tertiary cities throughout the United States. Rincon, based in Phoenix, is a vertically integrated, full-service real estate and property management firm. In addition to Woodridge, CREC and Rincon have collaborated on two prior joint ventures, one located in Tucson and the other in Phoenix.
Over the next two to three years, the new owners will rebrand the property and expect to invest up to $3.6 million to remediate deferred maintenance, renovate common areas, upgrade interiors and improve landscaping to bring the property on par with nearby recently repositioned residential communities.
The 6.2-acre propert
