Tucson Real Estate: Student housing complex sold for $17.45M

Located at 2550 W. Ironwood Hill Drive, the 140-unit, 484-bed complex was bought for $17.45 million by March Investment LLC, an entity formed by Phoenix-based Clear Sky Capital.

The sellers were SFC Sterling Tucson Investors LLC — an entity formed by Stonesfair Financial Corp. of Burlingame, Calif. — and Geary Tucson LLC.

David Fogler and Steven Nicoluzakis, of Cushman & Wakefield, represented the seller.

The property offers two-, three- and four-bedroom floor plans with an average unit size of over 1,287 square feet. Built in 2001, units include washer, dryer, private patios and balconies.

The property’s amenities include a computer lab and study lounge, fitness center, theater room, basketball court and sand volleyball court.

“The buyer was attracted to the property because of the exciting growth occurring at the University of Arizona and by the opportunity to add value to the property through a series of planned capital improvements,” Fogler said.

Development of student housing continues to be strong locally, as these complexes enjoy high occupancy rates. Three more projects are expected to come online in 2019.

Other recent commercial transactions include:

• IHOP, a 4,995-square-foot restaurant at 1955 W. Valencia Road, sold for $2.7 million. Jamie Medress and Mark Ruble, with Marcus & Millichap’s Phoenix office, represented the seller, a limited liability company. The buyer, also a limited liability company, was represented by Hamid Panahi and James K. Crawley, with Marcus & Millichap’s Phoenix office.
• Carpet Store leased 2,146 square feet at the northeast corner of Oracle and Fort Lowell roads. It is scheduled to open for business in October. Andy Seleznov and Melissa Lal represented the landlord, Larsen Baker.
• La Botana Grill leased 1,693 square feet at 5526 E. Grant Road to relocate its existing Mexican restaurant at 3200 N. First Ave., with an expected opening date of July 1. Craig Finfrock, of Commercial Retail Advisors LLC, represented the tenant, and the landlord, Maqsood and Sabrina Enterprises LLC, was represented by Robert Nolan of Oxford Realty.
• Jimmy’s Pita & Poke leased 1,300 square feet at Marana Marketplace, on the southeast corner of Orange Grove and River roads. It is scheduled to be open in September. Andy Seleznov and Melissa Lal represented the landlord, Larsen Baker, and Frank Arrota, of Tucson Realty & Trust Co., represented the tenant.