Student Housing Portfolio in Tucson, AZ Sold for $11.18M

TUCSON, AZ– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a three-property student housing portfolio totaling 56 units in Tucson.

The sales price is $11,185,000.

The assets are SahuaroPoint Villas at the Park (top right photo), GlennStar Apartments and Stone Wood Apartments.(middle left photo)

Hamid Panahi, (top left photo) a senior associate in the Tucson office of Marcus & Millichap, represented the seller in all three of the transactions. Earle Hyman, a senior vice president investments in the firm’s Encino office, represented one of the buyers and Mike McClain, a vice president investments in the firm’s Tucson office, represented the buyer in the SahuaroPoint transaction.

“Due to the on-going demand for student housing in close proximity to the University of Arizona, this portfolio represents a tremendous investment opportunity for the buyers,” says Panahi.

The portfolio consists of the following properties:

· SahuaroPoint Villas at the Park, a 20-unit asset on 1.47 acres at 2326-2366 North 6th Ave. The property includes five-bedroom/two-bath units, each measuring approximately 1,748 square feet. The apartment community commanded a price of $5.5 million.

· GlennStar Apartments, a 12-unit asset on .83-acres at 133-193 East Glenn St. The property includes three- and four-bedroom units, ranging in size from 1,015 to 1,138 square feet. The apartment community commanded a price of $1.7 million.

· StoneWood Apartments, a 24-unit asset on 1.65 acres at 2621 North Estrella Ave. The property includes four-bedroom/three-bath apartment units each measuring approximately 1,235 square feet. The apartment community commanded a price of $3.98 million.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716