TUCSON, ARIZONA – Student Housing at 50 N Mountain Ave. in Tucson sold for $2.85 million ($89,000 per bed) to investors from Glendora, California by a Family Trust in Los Osos, California.

The newer construction (built 2015) was built for student housing within 3 blocks of the University of Arizona. This property integrates metal roofing with block and stucco finishes for a modern look that the students love with a floorplan designed by and for students.

The property consists of a 4-units with 8 bedrooms / 3.5 baths per unit, or 32-beds. The large units have huge common areas, all tile floors throughout, hardwood cabinets, Corian counters, and upscale finishes and appliances.  A swimming pool, large parking lot with 14-spaces, basketball hoops, and a fully enclosed yard with barbeques and common area are just some of the amenities.

Property was fully leased through July 2018 at time of sale.

Jarrett Reidhead of Tucson Integrity Realty in Tucson handled the transaction for both buyer and seller.

“It’s been and still is a steady buyer’s market,” Reidhead said. “But with all the new inventory coming on the market, we can expect downward pressure on rents and a market cool down to follow.”

Reidhead managed the property for the seller and will continue to manage it for the new owners.

For more information Reidhead should be contacted at 520.331.8050.

To learn more, see RED Comp #5610.

[mepr-show rules=”58038″]Sale date: 3/5/2018. Sale price: $2,850,000 ($89,062 per bed; $712,500 per unit). Document #2018-0640625. Seller: Reeve Family Trust of Los Osos, CA. Buyer: Live Oak Real Estate, LLC of Glendora, CA. Cap rate at time of sale reported at 7.5%.[/mepr-show]

TUCSON, ARIZONA — A California investor bought University Manor Apartments at 1525 N Euclid Avenue in Tucson for $4.25 million ($73,276 per unit) from 742 E Lee Street, LLC (Jarrett Reidhead, manager).

The property was purchased by the seller in July 2015 for $2 million to renovate at a cost of $600,000. The four two-story buildings remodel was complete in 2016 on the 58-unit apartment complex, located less than 5 blocks to the University of Arizona, and sold fully leased through July 2018.

Each unit has new hardwood cabinets, granite counter tops, porcelain tile, paint, dishwasher, microwave & electrical fixtures installed in the renovations of 2016. New Clubhouse with leasing office and laundry room built in 2016. New block walls and metal gates installed 2016. Swimming pool, turf, and landscaping updated 2016.

Jarrett Reidhead with Tucson Integrity Realty handled the sale for the sellers and Glen Beer with Keller Williams of Santa Monica, California represented the buyer, Next Door Apartments – Tucson, LLC (H.Scott Cohn, manager).

For more information, Reidhead should be reached at 520.331.8050 while Beer can be contacted at 310.890.7700.

To learn more, see RED Comp #5084 and #3163 for prior transaction; see also Red Listing Registry for more properties like this one.