TUCSON, ARIZONA (Aug. 28, 2026) — A six-unit student housing property near the University of Arizona has sold for $1.35 million in an investment transaction.
638 E Lester LLC, an affiliate of SVP Holdings LLC of Oro Valley, acquired Lester Student Housing Apartments at 638 E. Lester Street in Tucson from Lester Apartments LLC of Sisters, Oregon. The sale closed Aug. 21, 2026.
The property consists of three two-story buildings totaling approximately 9,000 square feet on 0.41 acres. Built in 2008, the complex contains six residential units configured for a total of 22 bedrooms or beds. The unit mix includes two three-bedroom / two-bath units and four four-bedroom / two-bath units.
The $1.35 million purchase price equates to approximately $150.00 per square foot of building area and about $61,364 per bed. Property sold at a capitalization rate of 7.77 percent for the investment.
The property includes off-street parking and a hot tub and is positioned in Tucson's Central submarket near the University of Arizona and Banner University Medical Center Tucson.
According to transaction information, the property was sold with management in place. The buyer plans renovations aimed at creating additional upside potential.
Allan Mendelsberg and Joey Martinez with Cushman & Wakefield | PICOR represented the transaction.
The property is zoned R-2 and is located within the Tucson Heights subdivision.
For more information, Mendelsberg can be reached at 520.546.2721 and Marinez is at 520.546.2730.
Source: RED Comp #12681