Seattle, WA– Thayer Manca Residential (TMR) has sold The Ventura Apartments, a 272-unit multifamily property in Chandler, AZ. TMR purchased the property in 2017 for $47.6 MM.
TMR has a number of additional assets throughout Arizona including Circ Tucson (formerly Palm Canyon), Envii (formerly Entrada) and recently acquired Desert Shadows in Tucson. TMR sold Avia 266 in Tempe in 2019.
“This sale marks a significant moment for our company. Not only does it showcase our team’s ability to execute our value-add strategy and business model, but it highlights the extent of our commitment to protect and grow our investors’ capital,” says Joe Manca, Principal.
The Ventura is located in the Price Road Corridor, one of the most dynamic technology employment corridors in the southwestern United States. The property’s high visibility location along Ray Road is one of the best micro-locations in Chandler, AZ.
TMR invested $4.1 MM to fully reimagine the resident experience at The Ventura. These improvements included high-end unit renovations, clubhouse and fitness center enhancements, the addition of communal outdoor amenity spaces, the installation of electric charging stations, and a full brand refresh.
“We feel fortunate to have owned The Ventura for just under 5 years, and to have had the opportunity to lean into the repositioning and revitalization of this premiere asset. We are confident that it will continue to be a leader in the Chandler multifamily submarket for years to come,” says Manca.
The Ventura is located at 3600 W Ray Rd, Chandler, AZ 85226.
The brokers for CBRE were Sean Cunningham, Asher Gunter and Matt Pesch.
About Thayer Manca Residential LLC
Based in Seattle, Washington, Thayer Manca Residential LLC (TMR) is a sponsor of multifamily partnership investments specializing in value-add opportunities. Its current 5 state, 3,000-unit portfolio is valued over $750MM. TMR is driven by a commitment to protect and grow investor capital while delivering safe, clean, and inspired homes to the market at highly competitive rental rates. Disciplined business practices, conservative investment parameters and a hands-on asset management style, have produced outstanding returns for investors.
During the company’s 42 years of operation, TMR has closed well over a billion dollars of multifamily transactions, generating outstanding cash flow and capital gain profits for investors. The company is proud of its 42-year track record without a single capital loss.