Large multifamily deal in Tucson

Paragon buys property at 'below replacement cost'

Paragon Management Co. this week announced it has acquired Sienna Springs Apartments, a 224-unit multifamily complex in Tucson, Ariz., for an undisclosed price. The property comprises one- and two-bedroom units and includes two swimming pools, a spa, laundry rooms, BBQ areas and lavish courtyards. The seller's identity was not disclosed. Ricardo Jinich, co-founder of Paragon, said in a prepared statement that Sienna Springs was acquired at "below replacement cost" in a market with "strong employment and population growth." ...