Tanque Verde Apartments is a 428-unit multifamily community located in Tucson, Arizona, within the highly desirable East Tucson submarket. The Property benefited from proximity to major employers including Raytheon, Davis-Monthan Air Force Base, Banner University Medical Center, and the University of Arizona, supporting strong and durable renter demand.

The investment thesis centered on acquiring a well-located asset with significant value-add potential. Ownership executed a comprehensive renovation program that included interior unit upgrades, operational improvements, and revenue optimization initiatives designed to enhance the resident experience and drive rent growth.

Following an approximately 4.5-year hold period, the investment was successfully realized and generated a 27% IRR. Tanque Verde exemplifies Chartwell’s ability to acquire assets with compelling value-add opportunities, execute business plans efficiently, and deliver strong risk-adjusted returns for investors.