Large multifamily deal in Tucson

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."

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