WinnResidential's Big Management Play
Boston-based WinnResidential has made a big splash (in one of its own pools, in fact) into Arizona, taking over the management for a slew of local communities. But this may not be the end of the company's ambitions here; WinnResidential's Jerry Lemmon says there's plenty of opportunity in the metro area. In this deal, it took on six apartment communities for Highridge Costa Investors.
The deal includes Quail Run Apartments, a 156-unit community in Peoria (above); Village Squire Apartments, a 116-unit apartment in Phoenix; and Casa Bonita (sorta like Madonna's Isla Bonita), a 60-unit community in Tucson. Many of these apartments have low-income units, a segment of the industry WinnResidential specializes in, Jerry says. It manages 95,000 units across the country.
