TUCSON, Arizona — Alden Street Capital Management (Greg Olbrys and Jonathan Krasner, principals) has acquired The Retreat at Tucson, a 183-unit student housing community with 774-beds, serving the University of Arizona in Tucson. The seller was an affiliate of Chicago-based Heitman Capital Management, Tucson Real Estate Holdings, LLC.

Located at 1000 E 22^nd Street in Tucson is southeast of Park & 22nd Street, 1.5 miles south of the University and served by a shuttle bus to transport residents to and from campus. In addition, two bike paths to campus are accessible from the site.

The asset closed for $56.2 million ($307,104 per unit / $72,610 per bed) on December 20, 2018.

Two-, Three-, Four-, Five- and Six-Bedroom Units

Located on an 11-acre site, originally an assemblage of 13 parcels acquired for $3.2 million. Built in 2013, The Retreat boasts the only pet-friendly, cottage-style student community with amenities that include a resort-style pool, a clubhouse, a 24-hour fitness center, a computer lab, study rooms, and a golf simulator.

Nearby shopping, restaurant and cultural attractions include grabbing a latte from Caffe Luce near the campus or stopping by Epic Cafe for a breakfast burrito. There are a range of various Mexican restaurants just outside The Retreat. To fully appreciate Tucson’s unique landscapes, drive to the top of nearby Sentinel Peak, known locally as “A” Mountain for stunning city views, or stroll east to the zoo and lakes of Reid Park, easy escapes from the city for hiking, biking and climbing.

Since its launch in 2015, New York City-based REIT Alden Street has specialized in acquiring, asset management, and repositioning value-add and opportunistic student housing properties across the U.S. The firm seeks to invest in projects requiring capital and asset level expertise.

To date, Alden Street has contracted for and or acquired assets amounting to more than $350 million of real estate value and 5,500 beds. The senior principals of Alden Street have invested over $1.0 billion worth of equity capital across all asset classes and types throughout their respective careers.

To learn more, see RED Comp #6425.

MARANA, Arizona – Primo’s R/E Investments of Mesa (Ernetso Rascon, manager) purchased a 29,294-square-foot padded lot at 4505 West Ina Road in Marana for $445,000 ($15.19 PSF). The buyer plans to build a 5,200-square-foot Mercado El Herradero Carniceria on the site.

The seller, David Lee of Marlee Saguaro, LLC and David Lee Real Estate Company was self-represented, and Juan Teran of Realty Executives Tucson Elite represented the buyer.

The property is located to the west of the former Chuy’s restaurant that sold in September  for redevelopment at a sale price of $1.35 Million. Debbie Heslop, CCIM, with Volk Company represented the buyer of the former Chuy’s.

Ina Road is reaching the completion of $128 million road improvements being overseen by ADOT and funded by the Federal Highway Administration, the Pima Association of Governments and the Regional Transportation Authority. Completion is scheduled for early March.

Before work began, Ina Road crossed under I-10, and drivers frequently had to stop for passing freight trains. After completion, Ina Road will cross over I-10 and the railroad tracks. Both Ina Road and I-10 will have an additional lane in each direction to accommodate increasing traffic, with Ina Road improvements reaching west across the Santa Cruz River to Silverbell Road.

The improvements are designed to keep pace with growth in the Marana area while reducing congestion on Cortaro Road.

For more information, David Lee can be reached at 520.954.8008 and Juan Teran should be contacted at 520.977.5905.

To learn more, see RED Comp #6405.

TUCSON, Arizona — Tucson-owned Nor Hotel Properties, LLC. has acquired DoubleTree by Hilton Tucson – Reid Park, at 445 S. Alvernon Way, for $10 million ($34,843 per room) with plans to begin a large-scale renovation of the 287-guest- room-hotel.  The plans include renovation of the 25,000-square- feet of meeting space, the hotel lobby, bar, and two restaurants during the next 18 months.

For Nor Hotel Properties principal, Allan Norville, a longtime Tucson philanthropist and developer, and his grandson Dan Norville, this venture is as much sentimental as it is commercial. When Mr. Norville and his wife Alfie moved to Tucson from Chicago in 1964, they stayed at the Alvernon Gardens Motel, which was then located where the current DoubleTree by Hilton stands. “I have wonderfully fond memories of our time at the Alvernon Gardens,” said Mr. Norville. “It was the place to be. Our kids learned to swim at this hotel. We all roamed the Alvernon Gardens and the Rose Garden and felt a connection then as if this was our home.”

“We are pleased to continue our investment in the Tucson community and bring this mid-town treasure back to a place of prominence,” Mr. Norville said. “We plan to create a vibrant, memorable place that business and leisure travelers and area residents will enjoy for many years to come.” Renovation is underway to the hotel lobby, bar and two restaurants. The hotel ballroom, meeting rooms and courtyards will be remodeled next summer, and the hotel’s guest rooms will be completed by the fall of 2018.

We are excited to offer a one-of-a-kind hospitality experience, which includes contemporary design features incorporated throughout the property, blended with a heartfelt approach to personal service at an established, Tucson landmark,” said Dan Norville, principal of Nor Hotel Properties. Nor Hotel Properties has retained Marin Management, an established hotel management and consulting company, to manage the hotel operations. Marin currently manages operations for 35 independent and franchise hotels brands throughout the U.S. Nor Hotel Properties will retain all current DoubleTree by Hilton Tucson – Reid Park staff, with plans to expand hotel operations, events and bookings over the next year. The company also plans to hire local contractors and consultants to complete the hotel renovations.

The seller, Miami Florida- based, LNR Partners, was also the loan servicer.

In addition to Nor Hotel Properties, Allan Norville also owns and manages Nor-Generations, LLC (NOR-GEN), which is developing an 8.5 acre mixed-use site in downtown Tucson that includes plans for a hotel, retail, arts and residential spaces adjacent to NOR-GEN’s Gem and Jewelry Exchange Show (GJX) site, near I-10 and Congress.

To learn more, see RED Comp #6454.