Tucson, Ariz. — The month-old development is LEED Silver, walking distance to the U of A.
Tucson, Ariz. — EdR has completed its acquisition of The District on 5th, a LEED Silver community that opened last month within walking distance to the University of Arizona. Campus Apartments developed the property, which consists of 764 beds and 208 units in two-, three- and four-bedroom configurations. The asset traded for $67 million.
The community is 99 percent leased for the 2012-2013 academic year with an average monthly lease rate of $633 per bed. The purchase price represents an approximate 6.3 percent economic cap rate on expected next 12 months' net operating income.
Amenities include a pool with beach entry, clubroom, spa, computer lab/business center and an outdoor movie theater.
"This well-located, high-quality asset near a robust university with a growing enrollment fits well with our long-term growth strategy," said Randy Churchey, EdR's president and chief executive officer. "The District on 5th further improves the quality of our portfolio and will bring additional value to our shareholders."