Tucson, Ariz. — The buy fits CPP’s strategy of buying class B properties near campus.
The Reserve at Star Pass, built in 2000, was purchased from EdR for $26 million.Tucson, Ariz. — Columbus Pacific Properties (CPP) has purchased The Reserve at Star Pass from EdR for $26 million. The 336-unit, 1,020-bed, resort-style student apartment property is 5.6 miles west of the University of Arizona. Built in 2000, the community had a 65 percent occupancy rate at the time of closing. CPP plans to invest in a new bus, upgrade on-site programming and rebrand the property as The Ranch at Star Pass.
CPP says it now has 5,545 beds in its portfolio and is pursuing a strategy of becoming a top owner in the student housing market by acquiring class B properties, within driving distance of major state universities, where investments and capital improvements will raise demand and value.
The property will be managed by Homestead U, the student housing division of Columbus Pacific Properties and Homestead America.