TUCSON, ARIZONA -- The Ranch at Star Pass changed hands recently for $57.5 million ($171,131 per unit). Built in 2000, the luxury student housing complex has 336-units and 1,020 beds.
California-based, Element Property Company (Michael Silberman, member) purchased the property from PC Star Pass, LLC of Provo, Utah that acquired it in 2018 for $38.65 million.
It will now be rebranded The Reserve at Star Pass.
Element Property Company is a Real Estate Investment firm focused on the acquisition of Multi-Family properties and owns owns several other apartment complexes in Tucson: Overlook at Pantano, Rancho del Mar, Metro On First, Mission Antigua, Tierra Ridge, Arcadia Gardens, Cabo Del Sol, La Posada, as well as Saddle Ridge in Oro Valley, but this is its first student housing community.
The property serves the University of Arizona and Pima Community College. Choose from one-bedroom, two-bedroom, and four-bedroom apartment homes, each bedroom has its own bathroom. Amenities include a business center, clubhouse, lounge, fitness center, conference room, spa, pool, basketball court, tennis court, volleyball court, walking/biking trails, game room, barbecue area, barbecue/grill, and media center/movie theater.
To learn more, see RED Comp #8880.