TUCSON, AZ (January 24, 2025) -- Formerly known as The Retreat at Tucson Student Housing, now rebranded to The Cottages at Tucson, southeast of Park & 22nd St. at 1000 E 22nd Street in Tucson sold for $91 million ($497,267 /unit). The off-campus student housing has 183 units and 774 beds in one-, two- and three-story buildings.
The buyer is an affiliate of Ares Management, LLC, and the seller is Alden Street Capital Management.
The asset closed on January 17, 2025, and its sale price was the highest for the year to date.
The Cottages at Tucson is a cottage-style community, a configuration that is very appealing to students and their families. Importantly, all bedrooms are single occupancy with queen-sized beds and feature private bathrooms. Community amenities include a resort-style pool, a clubhouse, a fitness center, a computer lab, study rooms, and a golf simulator, and it is pet-friendly. The property’s location, 1.5 miles south of the U of A’s main campus, is served by a shuttle bus to transport residents to and from campus. In addition, two bike paths to campus are accessible from the site.
The 774-bed project was completed in August 2013.
Nearly 80% of the U of A’s students live in off-campus housing. Cottages at Tucson represents an attractive value proposition to students and their families, as evidenced by its strong current occupancy and renewal leasing momentum for the next school year.
To learn more, subscribers should refer to RED Comp #11717.