Four complexes that cater to former fraternity and sorority members who still want to live together have sold for more than $6 million.
Located near the University of Arizona, the properties have up to 16 bedrooms per unit, said Jarrett Reidhead, the developer who sold the properties to the Reeve Family Trust.
In order to make neighbors comfortable with a large group of students living nearby, Reidhead encourages tenants to attend neighborhood association meetings and do volunteer work in the community.
“They don’t want to get in trouble with the neighborhood or the cops,” he said of the mostly graduate students. “There’s always going to be a neighbor who doesn’t like having that many college kids living together.”
His decision to sell, “was just a good offer,” said Reidhead, owner of Prestigious UofA Rentals.
The portfolio included complexes with:
- 4-units, 32 bedrooms at 50 N. Mountain Ave. for $2.2 million.
- 4-units, 22 bedrooms at 1533 E. 12th St. for $1.5 million.
- 4-units, 20 bedrooms at 720 E. Lester St. for $1.4 million.
- 1-unit, 16 bedrooms at 1730 N. First Ave. for $1.3 million.
The buyers were intrigued by the housing concept and the fact that all four properties have waiting lists, said Allan Mendelsberg, a broker with Picor, who represented the buyers.
“These homes are basically party homes, occupied by former fraternity and sorority members to live together,” he said.
The complexes are full up to 10 months ahead of the new school year and rents range from $750 to $950 per bedroom.
Reidhead will continue to serve as the property manager.
“We were looking at traditional apartment complexes but some had significant wear and tear,” Mendelsberg said. “These properties were constructed in the last few years and came with in-place management.”
Other recent commercial transactions include:
- Chispas LLC bought 18,550 square foot industrial warehouse located at 850 and 860 E. 17th St. for $840,000. Skylar Bennett, with Menlo Group Commercial Real Estate, represented the buyer. The sellers, Norman F. Thomas and Mary Lucille Thomas Trust and Alfred and Louise Thomas Family Trust, were represented by Stephen D. Cohen, Russell W. Hall and Ron Zimmerman, with Picor.
- Guardian Pharmacy of Tucson LLC leased 8,002 square feet at 10900 N. Stallard Place from Daryl B. Ross and Melvin S. Ross. Rob Glaser, with Picor, represented the landlord and Picor’s Tom Nieman and Samuel B. Hollis, Jr. with Cushman & Wakefield in Atlanta, represented the tenant.
- Dr. Emil H. Annabi, dba Pima Pain Center, leased 2,510 square feet at 7530 N. Oracle Road from Natomand, LLC. Isaac Figueroa, with Picor represented the tenant and Alan Moore, with Chapman Lindsey Commercial Real Estate Services LLC, represented the landlord.
- Riton USA LLC leased 2,480 square feet in Clairemont Plaza, 1684 S. Research Loop, from Clairemont Partners LLC. Rob Glaser, with Picor, handled the transaction.
- Joseph Campbell Properties LLC leased 1,900 square feet at 252 S. Plumer Ave. from Keller Associates Inc. Paul Hooker, with Picor, represented the landlord.
- Express Locations LLC, dba T-Mobile, leased 1,600 square feet in the planned shopping center development at the northwest corner of Interstate 19 and Irvington Road. The Landlord, Irvington Interstate Partners LLC, was represented by Bourn Advisory Services LLC and NAI Horizon. David Hammack, of Volk Company Commercial Real Estate, represented the tenant.
