Investors have bought a former student housing complex that was flipped to traditional rentals for $13.6 million.
Midtown on 1st, 1920 N. First Ave., is a 94-unit complex near Linden Street that has changed ownership a couple of times in the past few years.
“We are excited to have successfully completed this transaction on behalf of the seller and look forward to seeing the buyer’s vision come to life through the planned community enhancements,” said Hamid Panahi, senior vice president in the Tucson office of Marcus & Millichap, who along with Clint Wadlund, senior VP, handled the sale.
“Midtown on 1st offers investors a partially renovated (54%) multifamily housing option that appeals to the budget-conscious (University of Arizona) students, graduate students, non-traditional students, or staff members, by providing prospective residents a high-quality housing alternative without compromising the lifestyle they desire,” Wadlund said.
Formerly known as INDI Tucson, the complex was built in 1972 and renovated in 2018 offering 232 beds for rent. Prior to that it was known as Arizona Commons.
It is one of a handful of complexes that have been flipped from student housing to traditional rentals since the city changed zoning laws adjacent to the UA campus that allow taller buildings and spurred development of high-rise student housing towers.
Other local commercial activity includes:
ArchWell Health, a senior health clinic and community center, has leased two new spots. It leased 10,780 square feet at 9550 E. Golf Links Road from Leyenda En Tiempo and 6,964 square feet at 2265 W. Ina Road from Casa Adobes Baptist Church. Natalie Furrier, Greg Furrier and Aaron LaPrise, wth Picor, along with Elizabeth Hoffman, with ASI Real Estate Investments LLC, handled the leases. ArchWell has three Tucson locations.
Vortex Industries LLC leased 10,600 square feet of industrial space at 6363 S. Country Club Road from 6363 S Country Club, LLC. Paul Hooker, with Picor, represented the landlord and Tim Healy, with CBRE, represented the tenant.
1st American Real Estate and Property Management leased 1,000 square feet of office space at Berkshire Village, 106 S. Camino Seco, from JMK Family Properties. Aaron LaPrise, Greg Furrier and Rob Tomlinson, with Picor, represented the landlord. Picor’s Natalie Furrier represented the tenant.
DW Flooring LLC leased 945 square feet of office space at Ajo/Evans Business Park, 1100 E. Ajo Way, from FJM Merced Associates LP. Alex Demeroutis and Andrew Keim, with Picor, represented the landlord.
These renderings show the planned $500 million Bourn Companies project at the site of the former Foothills Mall. Photos provided by Bourn Cos.
