TUCSON, Arizona — The Dinerstein Companies (TDC) purchased a 30,950-square-foot lot for the latest student housing project at the University of Arizona. The property commanded a sale price of $10.2 million ($329.56 PSF) with 26 bidders competing for the site.

Sterling University Housing is a wholly owned subsidiary of TDC, having completed student housing developments at thirty-nine different national universities.  Sterling University Housing has successfully developed sixty-four properties totaling over 36,000-beds in twenty-six states

This next Sterling University project will be located on the current Chase Bank overflow parking lot at the southeast corner of First St. and Tyndall Avenue in the Main Gate Overlay District. The Property will encourage multi-modal transportation by being within walking distance of the University, within 700 feet of two streetcar stops, and by meeting requirements for short- and long-term bike spaces at ground level.

The Project has approval of a 10-story design, with 295,000-square-feet, 149-units and 503-beds, two levels of underground parking for a total of 153 parking spaces and 102 spaces for bike parking. The roof design includes a swimming pool and spa as well as raised garden boxes. Plans also show 3,485-square-feet of retail on the ground floor.

This is buyer’s second student housing project in Tucson. It also constructed and later sold Sterling University Villas as 2550 W Ironwood Hill in Tucson.

Established in 1955, TDC is a family-owned and operated company with offices in Houston, TX and Solana Beach, CA. TDC currently has $1.41 billion in apartment assets under management.

The company is also a leading “green” developer in the country with $1.91 Billion in LEED Silver/Gold apartment product completed or under development.  Recent company awards include USGBC 2015 Green Builder of the Year as well as being named a winner of ‘101 Best and Brightest Companies to Work For’.

The project is to be developed and managed by the Dinerstein Companies Team; Gensler of Austin, TX is Project Architect; Landscape architect, The Planning Center of Tucson; SCA Consulting Engineers of Sugar Land TX, Structural Engineering; Rick Engineering Company of Tucson, Civil Engineering; and Blum Consulting Engineers of Dallas, TX the Mechanical Engineers.

John Ash with CBRE Tucson and Jaclyn Fitts, Director of Student Housing at CBRE in Dallas represented the Seller, JPMorgan Chase Bank, in the transaction.

For more information, Ash should be reached at 520.323.5177 and Fitts can be reached at 214.979.6524.

To learn more, see RED Comp #4341.

TUCSON, Arizona — EJC Properties LLC and 18 Central LLC of Tucson, investment groups formed by Eddy Chernecki, recently sold Pima Professional Plaza at 5700 E Pima Street in Tucson for $2.165 million ($108 PSF).

The medical offices in a campus-style setting were built in 1978, and have nine office spaces in 20,041-square-feet on 2.23 acres. Located minutes from Tucson Medical Center and St. Josesph’s Hospital in the northeast submarket of Tucson, the property was fully leased when it sold to a Gilbert, Arizona Trust.

Aubrey Finkelstein with Vast Real Estate Solutions handled the leasing for the property and Rob Fischrup and Jon O’Shea also with Vast Real Estate Solutions handled the sale transaction.

Dana Elcess, Property Manager with Cushman & Wakefield | Picor will be handling the management for new owner.

Chernecki and Associates then purchased a value-add 53,450-square-foot office complex, Broadway Proper, at 7650-7670 E Broadway Blvd in Tucson for $1.35 million ($25 PSF). The property was almost 50% vacant when it sold located on Broadway near Pantano in eastern Tucson submarket.

Built in 1985, the property consists of six buildings two- and three-stories with an elevator and offices with open air patios overlooking a courtyard, French doors along perimeter, attractive landscaping set in quiet surroundings

The seller, The Arizona State Retirement System was represented by Dave Volk and Bruce Suppes with CBRE in Tucson.

The buyer was represented by Rob Fischrup and Jon O’Shea with Vast Real Estate Solutions.

For more information, Finkelstein, O’Shea and Fischrup can be reached 520.624.9400. Volk and Suppes should be contacted at 520.323.5100.

To learn more, see RED Comp #4220 and #4298.

TUCSON, ARIZONA — Coronado Villas, at 9225 East Tanque Verde Road, a 432-unit multifamily property in Tucson, Arizona has sold. Senior Managing Director Art Wadlund and Associate Director Clint Wadlund of the Tucson Berkadia office completed the $43 million sale at a price-per-unit of $99,537.

The seller was Prime Residential, based in San Francisco, and the buyer was Oregon-based Tokola Properties.

“Tokola Properties was looking to purchase a quality property in Arizona,” Art Wadlund said. “With apartment occupancy increasing and job growth accelerating in the Tucson area, the buyer recognized the opportunity Coronado Villas presented to be located within a growing multifamily market.”

Built in 1994, Coronado Villas one-, two- and three-bedroom units feature a washer/dryer, double-sided wood burning fireplaces and vaulted ceilings in select units. Community amenities include a fitness center, three swimming pools and spas and a clubhouse. Saguaro National Park East is situated four miles from the property, and top employers in the area include Tucson Unified School District and the Arizona National Golf Club with convenient access to Catalina Highway.

For more information, Art Wadlund can be reached at 520.299.7200 and Clint Wadlund is at 520.615.1100.

To learn more, see RED Comp #4335.