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October 7, 2021
Local investor Thayer Manca Residential has a large and growing presence in Arizona. The firm just announced its $69.3 million purchase of the 338-unit Desert Shadows, in Tucson. TMR's Joe Manca said in a statement, “Our current Tucson properties have proven that the Tucson market is one of the most dynamic and evolving rental markets in the nation. The timing of the Desert Shadows acquisition presented our investment partners the opportunity to reinvest their proceeds from a recent sale by utilizing a 1031 exchange.” TMR plans to invest about $6.8 million in renovations, which may include a new name for the complex.