an expanding
national
footprint

Originally acquired as Palm Canyon Apartments, this garden style community offered clear value-add potential in a highly desirable northwest Tucson location. The property sits just minutes from Oro Valley, Tucson’s premier residential and commercial district, and is directly adjacent to a major medical plaza. Northwest Hospital, one of Tucson’s largest healthcare providers, is located less than one half mile away. In addition, more than 1 million square feet of upscale retail, dining, and services are within a short drive.

As part of TMR’s repositioning strategy, the community was rebranded as Circ Tucson. Prior to acquisition, the property was operated as an average, blue collar rental despite its proximity to a rapidly growing medical corridor and high end retail and employment centers. TMR executed a $5 million+ renovation program designed to reposition the asset for a more discerning renter profile with stronger incomes.

Improvements included a fully renovated clubhouse and leasing office, modernized fitness facilities, resort style furnishings and décor at both swimming pools, a secure package locker system, extensive landscaping upgrades, and new outdoor amenities. Interior unit renovations were completed to a standard comparable with newly constructed multifamily developments. However, because of TMR’s significantly lower "all-in cost," post renovation rents remained meaningfully below new construction competitors, providing a compelling value proposition for residents and supporting strong operating performance.

TMR acquired Circ Tucson in July 2019 and successfully exited the investment in August 2025. The investment generated a 117.41% cumulative simple return (equating to 19.30% annually) and delivered a 15.24% internal rate of return (IRR) to investors.

Ventura is a 272-unit apartment community built in 1995 on over 14 acres in the rapidly growing city of Chandler, Arizona. Ideally located in the heart of the Price Road Technology Corridor and surrounded by master-planned residential neighborhoods, the area offered limited opportunities for new apartment development.

Despite its quality construction, the property was 22 years old and in need of modernization. TMR invested $4.1 million to reimagine the resident experience, including upscale unit renovations, enhancements to the clubhouse and fitness center, new outdoor communal spaces, electric vehicle charging stations, and a full brand refresh.

TMR acquired Ventura in August 2017 and sold it in May 2022. The investment delivered a cumulative simple return of 346% (or 73.2% annually) to investors, with a 37.4% IRR.

Constructed in 1984, Avia Apartments was a 266-unit community located in one of the strongest markets in the southwestern U.S. when acquired. Prior to acquisition, only minor cosmetic updates had been made to a small number of units.

TMR invested $4.3 million to modernize the community, including retrofitting all units with in-unit washers and dryers, renovating 237 units, remodeling the clubhouse and fitness center and installing a central outdoor amenity area features bocce ball, dining areas and community grills . A secure package locker system was also added to enhance convenience for residents.

These upgrades repositioned Avia as a competitive, well-amenitized property in a strong market, resulting in outstanding investment performance.

Avia was acquired in January 2015 and sold in October 2019. The investment provided a cumulative simple return of 206% (or 43.5% annually) and a 28% IRR.