29 Palms is a garden-style, 53-unit, multifamily property located in Tucson, Arizona. The project was originally completed in 1964, is comprised of block construction, and is individually metered for electricity. The property was acquired for $1,875,000 or $35,377/unit. There are currently 21 units encumbered by a LURA through 2033, however, there is still room to increase rents.

Tower Capital’s client is an experienced multifamily investor based in Los Angeles. He owns and operates a portfolio of approximately 5,000 units located in California, Arizona, and Oklahoma. The borrower plans to tighten up the property operations and perform light renovations out of cash flow over the first couple years of ownership to boost NOI and overall value of the investment.