Two Tucson Student Apartments Sell for $8.73 Million

1800 North Stone, LLC of New York, NY (Oliver Swan) a joint venture with Texla Housing Partners of Texas purchased the student apartments at 1800 N Stone Ave in Tucson for $6.725 million ($98,897 per unit) or $30,022 per bed.

Known as Stone Avenue Standard, the 68-units and 224-beds units is 96,603-square-feet in five buildings (built 2003) on 3.53 acres.

Located only 1.5 miles to the University of Arizona Campus. The units consist of two-, three- and four-bedrooms units. Amenities include a new private shuttle service and property upgrades such as a 24-hour resident lounge, surround sound in the pool area and more. Apartments include individual leases, washer & dryers, high speed internet, and cable with all utilities (except electricity) included.

Texla Housing Partners will also manage the property. There were no brokers involved.

In a separate transaction, a second property serving the UA student housing market, University Manor student apartments, sold for $2 million ($34,483 per unit). The58-unit property is located 5 blocks from the University at 742 East Lee Street in Tucson.

The 20,104-square-feet in three buildings (built 1978) on 1.48 acre had recently been refurbished. Amenities include extensive parking, high speed internet, pool, laundry facilities and a leasing office.

The unit mix consists of (56) studios and (2) 1-bedroom units that sold 98% occupied.

The seller, DLG Manor of Tucson (John Delorenzo, manager) was represented by Tony Reed of Long Realty in Tucson. The buyer, 742 E Lee Street, LLC (Paul Walshaw, manager) was represented by Jarrett Reidhead of Tucson Integrity Realty, who is also a principal in the buying entity.

To learn more Reidhead can be reached at 520.331.8050 and Reed should be contacted at 520.577.7400