The Retreat at Tucson Sold for $56.2 Million

image_pdfimage_print
The Retreat at Tucson

TUCSON, Arizona — Alden Street Capital Management (Greg Olbrys and Jonathan Krasner, principals) has acquired The Retreat at Tucson, a 183-unit student housing community with 774-beds, serving the University of Arizona in Tucson. The seller was an affiliate of Chicago-based Heitman Capital Management, Tucson Real Estate Holdings, LLC.

Located at 1000 E 22nd Street in Tucson is southeast of Park & 22nd Street, 1.5 miles south of the University and 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 asset closed for $56.2 million ($307,104 per unit / $72,610 per bed) on December 20, 2018.

Two-, Three-, Four-, Five- and Six-Bedroom Units

Located on an 11-acre site, originally an assemblage of 13 parcels acquired for $3.2 million. Built in 2013, The Retreat boasts the only pet-friendly, cottage-style student community with amenities that include a resort-style pool, a clubhouse, a 24-hour fitness center, a computer lab, study rooms, and a golf simulator.

Nearby shopping, restaurant and cultural attractions include grabbing a latte from Caffe Luce near the campus or stopping by Epic Cafe for a breakfast burrito. There are a range of various Mexican restaurants just outside The Retreat. To fully appreciate Tucson’s unique landscapes, drive to the top of nearby Sentinel Peak, known locally as “A” Mountain for stunning city views, or stroll east to the zoo and lakes of Reid Park, easy escapes from the city for hiking, biking and climbing.

Since its launch in 2015, New York City-based REIT Alden Street has specialized in acquiring, asset management, and repositioning value-add and opportunistic student housing properties across the U.S. The firm seeks to invest in projects requiring capital and asset level expertise.

To date, Alden Street has contracted for and or acquired assets amounting to more than $350 million of real estate value and 5,500 beds. The senior principals of Alden Street have invested over $1.0 billion worth of equity capital across all asset classes and types throughout their respective careers.

To learn more, see RED Comp #6425.