TUCSON, ARIZONA (May 14, 2026) — Tucson Real Estate and Investments LLC purchased Sonoran Palms Student Housing, a five-unit multifamily property at 1002 E. Lester Street in Tucson, from Lester Investment Partners LLC for $980,000. The transaction closed on April 29, 2026.
The sale equates to $196,000 per unit, $89,091 per bed, and $200.25 per square foot. The property sold at a reported 6.78% cap rate.
Built in 1967, the 4,894-square-foot property sits on 0.34 acres in Tucson’s Central submarket near the University of Arizona and Banner University Medical Center. The property consists of two buildings with five units: four two-bedroom, one-bath units and one three-bedroom, one-bath unit. The asset also includes a courtyard and individual gas and electric meters.
The property was marketed as Sonoran Palms Student Housing and positioned around its location in a high-demand University of Arizona rental corridor. The buyer, Tucson Real Estate and Investments LLC, is based in Los Angeles and was represented by David Richard Vertieb, a member.
Allan Mendelsberg and Joey Martinez with Cushman & Wakefield | PICOR represented both the seller and buyer in the transaction. Mendelsberg can be reached at 520.546.2721, and Martinez can be reached at 520.546.2730.
Source: RED Comp #12460