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| The District on 5th Avenue, Tucson, AZ |
TUCSON, AZ – Institutional Property Advisors (IPA), a
multifamily brokerage division of Marcus & Millichap serving the needs of
institutional and major private investors, has arranged the sale of The
District on 5th Avenue, a new 208-unit, student housing community located
approximately one-half mile from the University of Arizona.
The 764-bed complex commanded a sales price of $67 million
or $322,115 per unit and $268 per square foot.
Peter
Katz, an executive director, advised the seller, Residential Housing. The
buyer was Education Realty Trust (EdR).
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| Peter Katz |
“The
District on 5th Avenue is a core, Class A pedestrian-to-campus, purpose-built
student housing community that ideally fits the institutional investor’s
property profile of an urban infill, close-to-campus asset,” says Katz.
“Institutional investors, in an effort to place allocated
capital, have become more aggressive in their pricing. This has resulted in
compressed cap rates and lowered unleveraged yields, especially for properties
at tier-one universities with residents from strong socio-economic
backgrounds,” adds Katz.
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| University of Arizona, Tucson, AZ |
Located at 550 North Fifth Ave. between North Herbert and
North Arizona avenues, The District on 5th Avenue is a high-end student
community with 12 two-bedroom/two-bath units, four three-bedroom/two-bath
units, 40 three-bedroom/three-bath units, 45 four-bedroom/two-bath units and
107 four-bedroom/four-bath units, with an average weighted unit size of
approximately 1,203 square feet. All units are leased by the bed.
For a complete copy of the company’s news release, please
contact:
Stacey Corso
Public Relations Manager
(925) 953-1716
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