Phoenix and Tucson, Ariz. — Older properties bring in approximately $16 million in sales.
Phoenix and Tucson, Ariz. — Cassidy Turley has brokered two student-housing sales in Arizona. The first is Arizona Commons II, an 88-unit, 247-bed community in Tucson that sold for $5.6 million. The buyer was MCS Capital Partners, Phoenix, and the seller was C-III Asset Management acting as special servicer for Wells Fargo Bank.
The property was built in 1972 and renovated in 2006 and 2012. The complex features four swimming pools, four on-site laundry facilities, a fitness center and recreation room.
The second transaction was University Properties Lemon Street Portfolio, a three-property, 232-unit student housing community east of Arizona State University that sold for $10.5 million.
The buyer was Lemon Street 232 of Los Angeles, and the seller was Lemon Street Equity Partners of Scottsdale, Ariz. Executive vice presidents David Fogler and Steven Nicoluzakis with Cassidy Turley Arizona's Multi-Family Group brokered the transaction.
Built in 1964 and 1965, the 6.12-acre property included rental units at 919, 1011 and 1019 E. Lemon Street. The new owner intends to continue operating the project as student housing rental units. In-place entitlements would allow for re-development of up to 478 units or 1,632 beds with an allowable height up to 180 feet.