New York Investor Purchases Luxury Tucson Development
PHOENIX, Arizona, November 16, 2022 – Sol y Luna Apartments, a luxury student apartment community at 1031 N. Park Ave. and 1020 N. Tyndall Ave. in Tucson, has been sold to a New York Investor for $203,000,000 ($597,00/ unit; $209,000 / bed).
“Sol y Luna comprises two luxury, high-rise towers and offers a unique advantage based on its premium location with walkability to the University of Arizona campus and downtown Tucson,” said Brad Cooke, executive vice president with Colliers in Arizona. “The asset could be positioned by new ownership as a co-living option for young professionals and graduate students. More than $1.8 million upside in rents is to be captured immediately through operations and light value-add enhancements, which was attractive to the buyer.”
Brad Cooke, Cindy Cooke, Matt Roach and Chris Roach of Colliers in Arizona handled the sale transaction. Vesper Holdings LLC of New York, NY purchased the community from Nelson Partners, LLC of San Clemente, CA.
“This sale is a true testament to our great management team’s tireless efforts through the very difficult years of COVID-19,” said Patrick Nelson, CEO of Nelson Partners, LLC. “We are grateful for their efforts, Brad Cooke and the Colliers team, as well as everyone involved.”
Sol y Luna, constructed in 2014, is comprised of two luxury high-rise towers, 13 and 15 stories tall. The property includes 340 total units containing 972 total beds, as well as 7,640 square feet of ground floor retail space. Sol y Luna offers a mix of studio, one-, two-, three-, four- and five-bedroom apartment homes averaging 1,014 square feet.
The property is recognized for offering unparalleled amenities, including two rooftop pools with mountain views, fitness centers and study spaces. Located adjacent to University of Arizona, Sol y
Luna boasts a perfect 100 bike score since it is situated mere steps from undergraduate and graduate classes offered at the Tier 1, Top 50 public university.