California investors have bought a student-housing complex north of the University of Arizona.
INDI Tucson, an 88-unit complex with 232 beds for rent at 1920 N. First Ave., sold for $8 million. Built in 1972, it was renovated last year.
“INDI Tucson represented a truly unique market opportunity,” said Rue Bax, multifamily senior managing partner with ABI Multifamily. “Its orientation as student-focused housing and proximity to the University of Arizona main campus made it an inherently appealing property.”
Bax, along with Desiree Palmer, John Kobierowski, Alon Shnitzer, Eddie Chang and Doug Lazovick, of ABI Multifamily, represented the seller, an Arizona-based private equity real estate investor.
Other recent commercial transactions include:
- EMC Insulation leased 11,440 square feet in the Broadbent Business Center, 2165 N. Forbes Blvd., from Forbes Tucson LLC. Robert C. Glaser, with Picor, handled the transaction.
- Barefoot Studio LLC leased 2,633 square feet at Casas Adobes Plaza, 7001- 7153 N. Oracle Road, from GRI Casas Adobes LLC. Pete Villaescusa and Jesse Peron, with CBRE, represented the landlord. Jon O’Shea, of Vast Commercial Real Estate Solutions LLC, represented the tenant.
- Rising Phoenix Fitness and Defense LLC leased 2,500 square feet in Midway Business Center, 4500 E. Speedway, from Presson Midway LLC. Robert C. Glaser and Paul Hooker, with Picor, represented the landlord, and Jon O’Shea, with Vast Commercial Real Estate Solutions LLC, represented the tenant.
- Two tenants signed leases at 4400 E. Broadway. FTS Financial Services LLC leased 822 square feet and Zack & Schmitz PLC leased 1,677 square feet. Michael Gross, of Tucson Realty & Trust Co., represented the landlord.
- Berylliant Inc. leased 1,500 square feet of office and laboratory space at 6595 N. Oracle Road from JSN LLC. Tom Hunt and Bryce Horner, of Tango Commercial Real Estate, represented the tenant. Ian Stuart and Bruce Suppes, with CBRE, represented the landlord.
- LunaSonde LLC leased 1,347 square feet at 6262 N. Swan Road from Skyline Corporate Center LLC. Lori Casey, Cameron Casey and Doug Marsh, of Oxford Realty Advisors, represented both parties.
- Arturo Padilla, doing business as Cactus Town Vapors LLC, leased 798 square feet at 4433 E. Broadway from 4433 E. Broadway Blvd. LLC. Lori Casey and Cameron Casey, of Oxford Realty Advisors, represented both parties.
