$67 Million Student Housing Sale Brokered by IPA in Tucson, AZ

  

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).

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.

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