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.

Premier-Mixed Use Complex to Undergo Renovations

Phoenix, Ariz. – “What’s next at the Esplanade?” The Esplanade has announced that this premier mixed-use development will undergo renovations to the ground plane and retail space with work slated to begin in first quarter 2015.

Renovation plans currently include strategies to open up the three main entry points to the retail portions of the property to make them more inviting and accessible to visitors. Additionally, the walkways will be redesigned so retailers can provide their customers with indoor/outdoor spaces in which to shop and dine. The central corridor will be reimagined to create a community square offering a space for the Esplanade community to come together. The space will offer outdoor seating as well an area for community events.

“The Esplanade is one of the area’s most prestigious and sought-after office locations; it’s the heart of the Camelback Corridor,” said Andi St. John, managing director of Asset Services with CBRE, which oversees management of the entire Esplanade complex. “The planned renovations will capitalize on the existing cache commanded by the property and create a first-class retail experience better connecting the complex to the Biltmore community.”

MetLife, the owner of the property, has tapped CBRE to oversee management of the renovations. Gensler has been selected as the project’s architect and design firm. A general contractor has yet to be announced. CBRE is also responsible for property management and the marketing and leasing of the retail portions of the property. JLL handles the marketing and leasing of the office space.

Located on East Camelback Road in Phoenix, the Esplanade benefits from proximity to a wealth of amenities, including adjacency to the Biltmore Fashion Park with its myriad of iconic retailers and restaurants. Offering office tenants a vibrant community in which to work, shop and dine, the Esplanade epitomizes the “lifestyle” type of work environments modern office users want.

“Real estate professionals recognize that economic drivers are moving move back to city-centers and office buildings can no longer just be office buildings,” said Traci Russell, vice president with CBRE, who oversees the marketing and leasing assignment on retail space at the Esplanade. “The Esplanade already offers office tenants a mixed-use, well-amenitied environment in a core location. With the planned renovations the complex will be elevated to become the epicenter of the Biltmore community. Not only will office tenants benefit, but the Esplanade will become a place for neighborhood residents and Biltmore visitors to gather and connect as well.”